Chinese Real Estate Developer Shimao Group Seeks Approval from Offshore Investors to Restructure US$11.7 Billion Debt Amidst Challenges

Quick Summary:

The Shanghai-based firm is seeking approval from offshore creditors for a restructuring plan, according to a filing made to the Hong Kong stock exchange late on Monday, as part of its latest efforts to avoid liquidation.

It missed the interest and principal repayments for a dollar bond in July 2022 and has been in default for its entire US$11.7 billion offshore debt since then.

The developer said that its latest proposal will help it improve its capital structure and enable it to better manage its operations and deliver long-term value for stakeholders.

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Article Details

Author / Journalist: Yulu Ao

Category: Business

Markets: Hong KongChina

Topics: Us$11 Years Shimao Developer Offshore Proposal Latest Liquidation Long-term Billion Creditors

Source Website Secure: Yes (HTTPS)

News Sentiment: Negative

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-03-25 @ 23:10:13 (1 months ago)

News Timezone: GMT +8:00

News Source URL: scmp.com

Language: English

Article Length: 561 words

Reading Time: 4 minutes read

Sentences: 21 lines

Sentence Length: 27 words per sentence (average)

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

Copyright Owner: © SCMP

News ID: 20516327

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