Sunac China (1918) said it has gained the support from nearly two-thirds of holders of its outstanding debts for offshore debt restructuring.
Holders of approximately 64 percent of the aggregate outstanding principal amount of the existing debt submitted letters to accede to the restructuring when the early consent fee deadline expired on Friday, the property developer said in a filing on Monday.
Among them, holders of around 82 percent of its outstanding offshore US dollar-denominated notes, convertible bonds and mandatory convertible bonds supported the plan, Sunac said.
The company is aware that certain creditors are in the process of completing the necessary procedures to support the restructuring, according to the filing.
It also reminded all existing creditors that the base consent fee deadline is currently scheduled for June 6.
The consenting creditors will receive an early consent fee equivalent to 1 percent of the principal of the debt they held in the firm, while the base consent fee is equivalent to 0.5 percent, the filing showed.
STAFF REPORTER
