Core Viewpoint - Sunac China (01918) has announced that approximately 75% of creditors holding existing debt have joined the restructuring support agreement as of June 24, 2025, committing to vote in favor of the plan at the scheduled meeting [1] Group 1: Restructuring Details - The restructuring will involve the company's offshore debt, with an estimated total debt claim (including principal and accrued unpaid interest, excluding default interest) amounting to approximately $9.552 billion as of June 30, 2025, subject to verification by the plan administrator [1] - The restructuring will include the release of the company's debt and certain obligations of other entities within the group [1] Group 2: Convertible Bond Issuance - The company plans to issue two series of mandatory convertible bonds as consideration for the cancellation of existing debt and the release of related claims, with the total principal amount equivalent to the total claims of all plan creditors [2] - Creditors will have the option to choose between the two series of convertible bonds or a combination of both, subject to the terms of the restructuring support agreement [2] Group 3: Related Convertible Bonds - Mandatory convertible bonds will be issued to Sunac International as a plan creditor, which will convert into mandatory convertible bonds during the restructuring [3] - Additionally, convertible bonds will be issued to Mr. Sun Hongbin to maintain the stability of the shareholding structure and ensure his continued contribution to the group's operations and debt risk mitigation [4] Group 4: Team Stability Plan - The company aims to adopt a team stability plan to ensure a capable and stable team is in place for ongoing operations and long-term recovery, which includes granting shares to selected employees as a long-term supplement to their compensation [5] - This plan is intended to incentivize recipients to continue contributing to the group's operations and development [5] Group 5: Increase in Authorized Share Capital - The board of directors proposes to seek shareholder approval to increase the authorized share capital from HKD 1.5 billion (150 billion shares) to HKD 3 billion (300 billion shares) to facilitate the transactions under the restructuring, including the issuance of convertible bonds [6] - This increase is deemed to be in the overall interest of the company and its shareholders, providing more flexibility for future fundraising [7]
融创中国拟发行强制可转换债券及采纳团队稳定计划