A debt reorganization plan proposed by a real estate developer in a debt defaults in China has been opposed by the company's second largest shareholder.
Comprehensive Surging News and Bloomberg News reported on Friday (May 12) that the second largest shareholder of Fantai New Holdings Group Co., Ltd., TCL Industrial Holdings Co., Ltd., opposed the debt transfer plan proposed by Fantai annualThis is an important part of the annual debt restructuring plan.
In January of this year, some details of the reorganization plan were announced. The company plans to transfer $ 1.3 billion (about S $ 1.74 billion) offshore debt to stocks, and extend the expiry time of some debt.If it is implemented, the offshore creditors will hold a total of 52.6%of the equity of the year after reorganization.The TCL industry will hold only 1%of the shares, and the other shareholders hold only 1.4%.
This plan debt dilutes the equity of the existing shareholders.A person familiar with the matter said that TCL industry requires a small number of shareholders and controlling shareholders to be treated the same.
If this plan is approved, the pattern of pattern will be held in the year of the pattern, and the support of at least 50%of the shareholders' voting right will be obtained.At present, the consent rate of the overseas debt restructuring plan of the pattern is 76.44%.If the TCL industry has always been opposed, then the overseas debt reorganization of the pattern may not be completed.
A response to Bloomberg, the year of Fantasia, said that if the TCL industry opposes it, the reorganization plan may fail; in the worst case, shareholders will collect anything.
The people familiar with the matter revealed that the pattern plan proposed a revision plan to allow a small number of shareholders to have more equity after reorganization, but the TCL industry still does not agree with the specific details of the amendment plan.
