Core Viewpoint - The debt restructuring plan of Ocean Group has been announced, involving multiple options for bondholders, but it is still a preliminary proposal and not yet finalized [2][4]. Summary by Sections Debt Restructuring Options - The restructuring plan includes options such as cash buyback, stock economic rights, asset debt settlement, and general bond extension [2][3]. - The cash buyback option proposes to repurchase bonds worth up to 4 billion yuan at 20% of their remaining face value, totaling a maximum of 8 billion yuan [2]. - The stock economic rights option involves issuing up to 2.8 billion shares in Hong Kong to raise cash for debt repayment, with a conversion price set at five times the average stock price over the 20 trading days prior to the registration date [2]. Asset Debt Settlement - The asset debt settlement option is divided into residential and commercial project income settlements [3]. - For residential projects, the plan allows for a repayment of 30 yuan for every 100 yuan of remaining bond face value, with a total repayment cap of 3 billion yuan, backed by residential project income rights in the Beijing-Tianjin-Hebei and Greater Bay Area [3]. - The commercial project option proposes a repayment of 100 yuan in trust shares for every 100 yuan of remaining bond face value, with a total cap of 4 billion yuan, secured by commercial project income rights in Beijing [3]. Long-term Debt Retention - A long-term debt retention option extends the maturity date to September 30, 2035, with a uniform interest rate of 1% per annum, and cash repayments starting from the end of the 5.5-year period [3][4]. - The total debt involved in the restructuring plan amounts to 18.05 billion yuan, covering seven company bonds and three additional targeted debt financing tools [3]. Stakeholder Considerations - The company emphasizes that the restructuring plan is a preliminary proposal and will be finalized based on the outcomes of a bondholder meeting [4]. - There is an acknowledgment of diverse creditor demands, with some preferring short-term cash recovery and others favoring long-term repayment options, highlighting the need for a balanced approach to avoid a "lose-lose" situation [4].
现金回购、资产抵债，远洋跟进房企化债主流模式