Core Points - Sunac China has announced the latest progress on its offshore debt restructuring plan, with 1,492 creditors voting, of which 1,469 (98.5%) approved the plan, representing a debt amount support rate of 94.5% [1] - The voting results exceed the required 75% threshold, allowing the plan to proceed to court approval, with a hearing scheduled for November 5 in the Hong Kong High Court [1] - The restructuring plan involves a total of approximately $9.55 billion in offshore debt, with creditors receiving two series of new mandatory convertible bonds, with conversion prices set at HKD 6.8 and HKD 3.85 per share [1] Debt Structure and Employee Compensation - For every $100 of new mandatory convertible bonds received, $23 will be allocated to a designated restricted account, with limited rights for major shareholders regarding the restricted shares for six years [2] - The company plans to issue shares to key employees contributing to core operations, with an estimated scale not exceeding 7% of the total shares, targeting around 500 employees [2] Ongoing Communication - Sunac China will continue to communicate with creditors to reach a final restructuring agreement [3]
融创债务重组计划获98.5%债权人投票通过