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BEIJING, CHINA--(Marketwire - May 29, 2012) - Mountain China Resorts (Holding) Limited (TSX VENTURE:MCG) ("MCR" or the "Company"), announces that it has completed its negotiation for debt settlement with Melco Leisure and Entertainment Group Limited ("Melco"). In November of 2008, Melco loaned US$12,000,000 (the "MCR Loan") to the Company and US$11,000,000 (the "MCRI Loan") to the Company's Cayman subsidiary, Mountain China Resorts Investment Limited ("MCRI"), for an aggregate amount of US$23,000,000 (the "the Total Principal Amount"). As of May 29, 2012, the Total Principal Amount remained outstanding. |
