Sunac China unveils sweetened restructuring offer for US$9.1 billion in offshore debt in latest move by a developer
2 months ago
Debt-troubled Chinese property developer Sunac China Holdings has sweetened a restructuring offer to holders of US$9.1 billion of its offshore debt as it seeks to get back on its feet as soon as possible.
The company has reached an agreement with a group of offshore creditors representing over 30 per cent of its outstanding debt, it said in a filing to Hong Kongโs bourse on Tuesday, becoming the latest of Chinaโs big developers to propose a restructuring.
โThe contemplated restructuring is intended to provide the company with a long-term, sustainable capital structure, allow adequate financial flexibility and sufficient runway to stabilise the business, and protect the rights and interests, and maximize value, for all stakeholders,โ chairman Sun Hongbin said in the filing.
Read the full story
It's better on the Lumi News app
โ Itโs fast
โ Itโs easy to use
โ Itโs free
Why read with Lumi?
Staying informed is hard work. Use the Lumi News app to get the latest news from publishers you like, in a beautiful app. Save time and find delight in news-reading again.