Lifestyle International Scrambles to Refinance HK$6.75 Billion Sogo Loan, Still Short HK$2 Billion
Updated
Updated · Bloomberg · May 21
Lifestyle International Scrambles to Refinance HK$6.75 Billion Sogo Loan, Still Short HK$2 Billion
1 articles · Updated · Bloomberg · May 21
Less than a month before the loan matures, Lifestyle International still needs about HK$2 billion in bank commitments to complete refinancing of HK$6.75 billion tied to Hong Kong’s Sogo department stores.
Four months of talks with lenders have yet to close the gap, leaving the retailer in last-minute negotiations over one of the city’s best-known commercial assets.
The refinancing pressure reflects a broader property downturn in Hong Kong that has pushed more companies into urgent debt talks as funding conditions stay tight.
Is Sogo's loan crisis the first major domino to fall in Hong Kong's property downturn?
Can Sogo's loyal shoppers save its parent company from a multi-billion dollar property bet?