Holders of four more Sunac China bonds back restructuring, source says

Reuters12-24 18:36

HONG KONG, Dec 24 (Reuters) - Holders of six of the ten bonds issued by Sunac China have approved a restructuring plan to cut its onshore bond debt by more than half, a source with direct knowledge of the matter said on Tuesday.

Sufficient holders of four more bonds backed the plan by Monday's extended voting deadline, the person said, in addition to the holders of two other bonds earlier this month.

The property developer is restructuring a total of ten onshore bonds worth 15.4 billion yuan ($2.11 billion). It will delay the voting deadline for the remaining four bonds until Dec. 27, the person said.

Sunac declined to comment.

(Reporting by Clare Jim; Editing by Kirsten Donovan)

((Ethan.Wang@thomsonreuters.com;))

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

We need your insight to fill this gap
Leave a comment