Xin Lang Cai Jing·2025-10-11 12:25Core Viewpoint - Country Garden (02007.HK) is undergoing a restructuring of 9 domestic bonds, with 8 bondholders approving the restructuring plan, totaling 13.41669 billion yuan, while one bond, H16 Tengyue 2, has yet to pass [1] Group 1: Restructuring Details - The restructuring plan involves adjusting the principal and interest repayment arrangements for the bonds, offering options such as buyback, stock options, and general creditor options [1] - The principal repayment for the bonds has been extended to September 2, 2035, with specific repayment schedules outlined for H16 Biyuan 5, starting from September 2, 2031, with varying percentages paid semi-annually [2] - Holders accepting the adjusted repayment plan must also agree to changes in credit enhancement measures, including the release of certain guarantees and waiving provisions related to asset value fluctuations [2] Group 2: Alternative Options for Bondholders - Country Garden offers a cash buyback option, proposing to repurchase bonds at 12% of their face value, with a total cash allocation not exceeding 450 million yuan [3] - A stock-for-debt option is available, where the issuer will issue new shares to a special purpose trust, with a commitment to use these shares to settle the bond amounts, and bondholders must waive all interest accrued on these bonds [3] - An additional option allows bondholders to convert their holdings into general debt, with a repayment date extended to 2033 and an interest rate of 1% per year [4]