绿地，居然开始眉清目秀了

Core Viewpoint - Greenland has proposed a new debt restructuring plan for its offshore US dollar bonds, marking a significant shift from previous attempts that lacked sincerity and feasibility [2][4][7]. Group 1: Debt Restructuring Plan - This is Greenland's fourth extension of its offshore dollar bonds, and the new plan appears to be a more straightforward and effective approach compared to previous strategies [3][4]. - The core of the new plan involves modifying the redemption terms of the dollar bonds, allowing Greenland to redeem bonds at 19% of face value if the outstanding amount falls below 33% of the total at the time of the announcement [4][10]. - The plan includes a 1% consent fee, making the redemption price align with the current market price of Greenland's dollar bonds [4][6]. Group 2: Financial Implications - The proposed plan could potentially reduce the outstanding amount of approximately $3.4 billion in nine dollar bonds by 50% to 80% if creditors agree [10]. - Greenland's ability to offer a cash recovery rate close to 20% is rare among real estate companies dealing with offshore bonds [6]. Group 3: Creditor Engagement - The threshold for creditor approval is relatively low, requiring only 66% of bondholders by face value to attend the first meeting, with a minimum of 50% voting in favor for the plan to pass [11]. - If the first meeting does not meet the requirements, a second meeting can be held with even lower thresholds, allowing for a potential approval with just 16.5% of the total amount [12]. Group 4: Strategic Intent - The restructuring plan is seen as an urgent measure to address a potential default on interest payments due on July 31 [10]. - Greenland aims to demonstrate its commitment to resolving its debt issues and to set a precedent for other state-owned real estate companies [9][8].