Reported 11 months ago
Chinese developer Shimao Group has improved its offshore debt restructuring terms in a bid to gain creditors' support and avoid liquidation, following a petition filed by China Construction Bank (Asia). The revised proposal includes better terms on cash collection for creditors and negotiations on exchanging debt for mandatory convertible bonds. The move comes after Shimao defaulted on $11.5 billion offshore debt in 2022, facing challenges amidst the struggling Chinese property sector. The developer must secure approval from creditors holding over 75% of its offshore debt to prevent liquidation.
Source: YAHOO