Core Viewpoint - Sunac China Holdings Limited has received support for its offshore debt restructuring plan from approximately 94.5% of the debt amount, with a voting approval rate of 98.5% among creditors [1][3]. Group 1: Debt Restructuring Details - A total of 1,492 creditors participated in the voting, with 1,469 casting votes in favor of the restructuring plan [1]. - The restructuring plan meets the legal threshold of over 75% support, allowing it to proceed to court approval, with a hearing scheduled for November 5 in the Hong Kong High Court [1]. - If the offshore debt restructuring is successfully implemented, combined with the previously completed domestic debt restructuring, the overall debt repayment pressure for Sunac is expected to decrease by nearly 70 billion yuan, saving tens of millions in annual interest expenses [3]. Group 2: Restructuring Components - The current restructuring involves approximately 9.55 billion USD in offshore debt, including public market bonds and private loans [3]. - The core components of the plan include the distribution of two types of new mandatory convertible bonds (new MCBs) to creditors, with conversion prices set at 6.80 HKD and 3.85 HKD per share, allowing for conversion within 18 to 30 months post-restructuring, capped at 25% of the total debt amount [3]. - Sunac has introduced a "shareholding structure stabilization plan," granting major shareholder Sun Hongbin restricted stock with strict conditions, ensuring limited rights for six years and preventing excessive dilution of his shareholding [3].
融创境外债重组获98.5%债权人高票通过，11月迎法院裁决