华南城清盘重组“生死”时速表 2026年3月底前定存亡？

Core Viewpoint - South China City Holdings Limited is undergoing a significant debt restructuring process amid severe financial distress, with a critical decision point set for the end of March 2026 to assess the feasibility of the restructuring plan [2][3][4]. Group 1: Debt Restructuring Progress - The company has signed confidentiality agreements with several major creditors to negotiate key terms of the overall debt restructuring since the last announcement on November 10, 2025 [2]. - A timeline has been established by the liquidators, with discussions on key restructuring terms expected to continue until January 2026, and a complete restructuring plan to be published in the first quarter of 2026 [2][3]. - The restructuring process is tightly linked to the deadline for resuming trading on February 10, 2027, with the liquidators aiming to secure sufficient creditor support by the end of March 2026 [3][5]. Group 2: Financial Condition - As of the end of 2024, the company reported a net loss attributable to shareholders of HKD 8.986 billion, with HKD 15.742 billion in loans in default [4]. - The company's cash and cash equivalents stood at only HKD 41.14 million, insufficient to cover its immediate debts, with total liabilities amounting to HKD 60.944 billion, including HKD 30.22 billion in interest-bearing debt [4][5]. - The company faces a significant short-term liquidity crisis, with current liabilities exceeding current assets by HKD 2.848 billion [4][5]. Group 3: Challenges and Considerations - The debt repayment arrangement requires over 75% approval from creditors based on the value of their debts, necessitating broad support due to the complex debt structure involving various jurisdictions and financial instruments [5]. - Maintaining the company's listing status is deemed essential for the success of the restructuring, as it preserves legal avenues for future operations [5][6]. - The restructuring process reflects systemic risks in the real estate and related industries, highlighting the potential for liquidity crises even among large asset-holding companies [6].