Bondholders urge Chinese defaulter Sino-Ocean to rejig US$6 billion debt plan after slamming big haircuts, weak recovery rates

Quick Summary:

Some bondholders demand a rejig in the defaulted Chinese developer’s US$6 billion debt restructuring plan to provide creditors with higher recovery rates.

Some classes of creditors could face a 70 to 88 per cent loss, while bank creditors could escape with a 34 per cent setback, according to the analysis based on a 35 per cent discount rate.

The assets include its signature projects in overseas markets, a mansion in Hong Kong, high-end apartments in Singapore and Indonesia, and other offshore investment projects, according to a presentation seen by the Post.

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Article Details

Author / Journalist: Yulu Ao

Category: Business

Markets: Hong KongChinaIndonesiaSingapore

Topics: Sino-ocean Group Offshore Billion Bonds According Developer Cent Creditors Debt Bondholders

Source Website Secure: Yes (HTTPS)

News Sentiment: Negative

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-08-02 @ 15:30:36 (2 hours ago)

News Timezone: GMT +8:00

News Source URL: scmp.com

Language: English

Article Length: 563 words

Reading Time: 4 minutes read

Sentences: 22 lines

Sentence Length: 26 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © SCMP

News ID: 21895924

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