Investing.com — Sunac China, a property developer, has gained sufficient backing from holders of seven out of its ten bonds, moving closer to reducing its onshore bond debt by over half through a restructuring process. The information was disclosed by a source with direct knowledge of the situation on Monday.
For the debt restructuring to take effect, Sunac China requires consent from all ten bondholders. The total worth of these onshore bonds is 15.4 billion yuan ($2.11 billion).
Earlier this month, the first six bondholders approved the restructuring. As of the extended voting deadline last Friday, bondholders of Sunac China’s largest onshore bond, which has an outstanding amount of 2.9 billion yuan, also expressed their support.
The company has decided to extend the voting deadline for the remaining bonds to January 3, according to the same source. Sunac China has not given any comment on the matter.
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