Beleaguered Chinese property developer Sunac China Holdings rolled out its long awaited $9.1 billion debt restructuring plan on Friday, vying to return to health in 2023, reports the South China Morning Post. The Beijing-headquartered company proposed swapping $3 billion to $4 billion of debt into ordinary shares or equity-linked instruments, according to a filing to the Hong Kong stock exchange.
The remainder of its current outstanding debts would be converted into new dollar-denominated public bonds with maturities ranging from two to eight years, with interest payments to be made after two years, according to the filing.
Sunac, which ranked as the country’s fourth-biggest developer by sales in 2021, said that it has received approval from creditors holding more than 30% of the debts.
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