China Pacific Negotiating New Repayment Terms with Note-Holders.LONG BEACH, Calif.--(BUSINESS WIRE)--July 22, 1998--China Pacific, Inc. (Nasdaq-SmallCap-CHNA) As previously stated in a press release dated June June: see month. 15, 1998, China Pacific, Inc. ("China Pacific" or "the Company") is currently attempting to negotiate changes to the terms of the approximately $15 million in 9% convertible notes the Company currently has outstanding (the "Convertible Notes") with the holders of the Convertible Notes, including a delay in the scheduled maturity date for repayment of such notes, January January: see month. 15, 1999. Because these negotiations to restructure the Convertible Notes are ongoing, the Company has not made an interest payment in the amount of $337,500 on the Convertible Notes. Such payment was due on July July: see month. 15, 1998. There can be no guarantee that such negotiations will be successful, and it is uncertain what action the holders of the Convertible Notes will take if these negotiations are unsuccessful and the interest payment due on July 15, 1998 remains unpaid. China Pacific, Inc. is a leading producer of steel and iron products in Sichuan Sichuan or Szechwan (sŭ`chwän`) [four rivers], province (1994 est. pop. 110,840,000), c.220,000 sq mi (569,800 sq km), SW China. The capital is Chengdu. Province, the People's Republic People's Republic n. A political organization founded and controlled by a national Communist party. of China, through its majority interest in Chengdu Chengkang Iron and Steel. Additional corporate information and press releases are available at the Company's web site www.chinapacific.com, or contact: China Pacific, Inc. - Los Angeles Los Angeles (lôs ăn`jələs, lŏs, ăn`jəlēz'), city (1990 pop. 3,485,398), seat of Los Angeles co., S Calif.; inc. 1850. , CA office, Tel: (562) 433-1882
CONTACT: China Pacific, Inc., Los Angeles
Tel: (562) 433-1882
www.chinapacific.com
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