China's real estate enterprise Sunac China's up to billions of dollars offshore debt restructuring plans has been approved by the Hong Kong court.
Comprehensive Bloomberg and Hong Kong Economic Daily reported that the Hong Kong judge held a hearing on Thursday (October 5) to approve the overseas debt restructuring plan proposed by Sunac China, and paved the reorganization of overseas debt reorganization for Sunac China to implement the reorganization of overseas debt reorganizations.the way.
In May 2022, Sunac China appeared in the first US dollar bond defaults in May 2022, and in March this year, it announced the offshore debt restructuring plan.Sunac's proposal covers the creditor's rights of about $ 10.2 billion (about S $ 13.9 billion), of which 5.7 billion US dollars of debt will be compensated by issuing new US dollar bonds, and the rest will be converted through the property management department's shares and convertible shares and convertibles of the property management department.Bonds are resolved.
Sunac held a creditor meeting on the plan last month. The number of creditors passed was 99.75%and the total debt passed rate was 98.3%.
The news was boosted. As of 12 noon on Thursday, Sunac China's Hong Kong stocks rose 10.68%.
