In early October, a Hong Kong court approved Sunac China Holdings’ approximately $9 billion offshore restructuring proposal. The proposal is expected to serve as a template for cash-strapped peers in key sectors that have been battered since mid-2021.
BENGALURU: Embattled real estate developer Sunac China Holdings on Monday announced that restructuring conditions have been met and its debt review plan has become effective.
In early October, a Hong Kong court approved the company’s roughly $9 billion offshore restructuring plan. This is expected to serve as a template for cash-strapped peers in key sectors that have been hit since mid-2021.
The restructuring includes the full forgiveness and forgiveness of the company’s existing debt in exchange for the issuance of new bonds.
Sunac’s creditors approved an offshore debt restructuring plan in September, under which part of the debt will be exchanged for convertible bonds backed by Hong Kong-listed shares and new bonds with maturities between two and nine years. be done.
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The real estate developer’s shares closed up about 6% at the close of trading on Monday.
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