Investing
Sunac wins creditors’ approval for its offshore debt restructuring plan
© Reuters. FILE PHOTO: An advertisement of property developer Sunac China Holdings is seen at a residential complex in Shanghai, China March 25, 2018. Picture taken March 25, 2018. REUTERS/Stringer/File Photo
By Xie Yu
HONG KONG (Reuters) – Creditors of Sunac China Holdings Ltd have approved its $9 billion offshore debt restructuring plan, the company said on Monday, marking the first approval of offshore debt restructuring by a major Chinese property developer.
Sunac is among a string of Chinese property developers that have defaulted on their offshore debt payment obligations since the sector was hit by an unprecedented liquidity crisis in 2021, roiling global markets.
Creditors holding 98.3% total value of the voting scheme have approved Sunac’s restructuring plan proposed earlier this year, according to a filing by the company at the Hong Kong Stock Exchange.
Sunac said after the creditors’ approval, the company would proceed to seek the approval of the plan by a Hong Kong court hearing scheduled for Oct. 5.
The developer reached an agreement with a group of offshore creditors in March to restructure $9 billion of its debt, under which a part of its debt would be exchanged into convertible bonds backed by its Hong Kong-listed shares along with new notes with maturities of between two and nine years.
The plan had won support from holders of 87% of outstanding offshore debt by July, the company earlier said in a filing.
Sunac’s revenue in the first six months rose 20.5% to 58.47 billion yuan ($8.02 billion), its interim results showed. Losses declined 18.1% to 15.37 billion yuan.
Read the full article here
-
Personal Finance5 days ago
Social Security cost-of-living adjustment will be 2.5% in 2025, less than prior year
-
Investing7 days ago
U.K. stocks lower at close of trade; Investing.com United Kingdom 100 down 1.37% By Investing.com
-
Investing7 days ago
AI Pioneers Win $1.06 Million, 2024 Nobel Prize in Physics
-
Make Money7 days ago
The Top Employers and Opportunities for Part-Time Remote Jobs
-
Passive Income7 days ago
How to Build a Workplace Culture Centered on Love, Abundance and Purpose
-
Side Hustles5 days ago
Oldest Children Like Bezos, Musk Have 2 Leadership Qualities
-
Passive Income5 days ago
4 Marketing Triggers to Set Up Now to Supercharge Your New Year
-
Investing6 days ago
JPMorgan Chase CEO Jamie Dimon: AI Will Take Over Some Jobs