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融创境外债新进展!

Core Viewpoint - Sunac China has made significant progress in its offshore debt restructuring, with approximately 74% of existing debt holders supporting the restructuring plan [4][5]. Group 1: Debt Restructuring Progress - As of the latest announcement, about 83% of existing security holders have submitted letters to join the restructuring support agreement [4]. - The deadline for creditors to consider and join the restructuring support agreement has been extended from June 6, 2025, to June 20, 2025 [4]. - Creditors who hold qualified restricted debt will receive a consent fee equivalent to 0.5% of the principal amount of the qualified restricted debt they hold as of the extended deadline [4]. Group 2: Debt Amount and Restructuring Model - The total claim amount for the second round of offshore debt restructuring is approximately $95.5 billion, utilizing a "full debt-to-equity" model [5][6]. - The restructuring plan includes the distribution of two types of new mandatory convertible bonds (MCBs) to creditors, with conversion prices set at HKD 6.80 and HKD 3.85 per share [6]. - A "shareholding structure stabilization plan" has been introduced, allowing major shareholders to receive a portion of the new MCBs under certain conditions [6]. Group 3: Financial Position - For the fiscal year 2024, Sunac China reported revenues of CNY 74.02 billion and a gross profit of CNY 2.89 billion, with interest-bearing liabilities reduced by CNY 18.16 billion to CNY 259.67 billion [8]. - The company has a cash reserve of approximately CNY 19.75 billion, which is insufficient to cover its total borrowings of CNY 259.67 billion [8]. - The outstanding balance of Sunac China's offshore bonds is $7.445 billion, with three bonds maturing on September 30, 2025 [8].