Hong Kong-based developer Logan Group is offering a restructuring plan for its $8 billion offshore debt, aiming to convert a portion to mandatory convertible bonds and relieve creditors of additional debt.
Hong Kong-based developer Logan Group announced a restructuring proposal for the majority of its approximately $8.01 billion offshore debt , including conversion to mandatory convertible bonds for its offshore creditors. Logan Group seeks to restructure $7.56 billion of the total offshore debt , while also aiming to relieve creditors of its additional $476 million offshore debt under separate financing instruments. The company secured an HK$8.2 billion ($1.
05 billion) loan in August to refinance a portion of this outstanding debt as it struggled to recover from the property sector collapse in 2021. Under the restructuring proposal, offshore creditors have the option to exchange the debt for cash, mandatory convertible bonds (MCB), long-term notes or a combination of MCBs and short-term notes. After failing to make repayments since August 2022, Logan Group states the restructuring proposal is aimed at relieving the company's debt burden and restoring its capital structure
DEBT RESTRUCTURING LOGAN GROUP OFFSHORE DEBT CONVERTIBLE BONDS PROPERTY SECTOR
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