路劲：与相当大比例的债权人达成原则性重组方案，部分AHG成员同意方案

Core Viewpoint - Kwan Cheung Infrastructure Limited (Kwan Cheung) has made progress in its offshore debt restructuring, reaching a principle agreement with a significant proportion of creditors, including some members of the Ad Hoc Group (AHG) [1] Group 1: Restructuring Plans - The principle restructuring plan will be implemented through two interrelated debt restructuring arrangements: the "New Option Plan" and the "Kwan Cheung Plan" [1] - The AHG consists of holders of approximately 25% of the outstanding principal amount of existing notes, with some members agreeing to the principle plan, although the proportion is not yet a majority [1] Group 2: New Option Plan - The New Option Plan allows participating existing noteholders to receive convertible bonds issued by a Special Purpose Vehicle (SPV), which will hold 70% of Kwan Cheung Highway International Holdings Limited (Kwan Cheung Highway) [2] - If the sale price of Kwan Cheung Highway's equity exceeds a valuation of $600 million, Kwan Cheung can receive a performance fee linked to the excess value, with fees of 20% if sold within two years and 15% if sold thereafter [2] - If the convertible bonds are not fully sold before maturity, all outstanding convertible bonds will automatically convert into 100% of the SPV's issued share capital, providing full and final settlement of all outstanding amounts [2][3] Group 3: Kwan Cheung Plan - The Kwan Cheung Plan offers two options for eligible creditors: a cash option where creditors can receive $0.10 for every $1 of debt, applicable to claims up to $500 million, and a combination arrangement involving new medium-term bonds and equity conversion [4] - The combination arrangement includes issuing new medium-term bonds with a 3% annual interest rate, converting up to $655 million of debt into Kwan Cheung ordinary shares at a conversion price of HKD 5.60, and a reduction of 52.5% of the principal debt [4] Group 4: Equity Stabilization Plan - Kwan Cheung will implement an equity stabilization plan to ensure that the controlling shareholder retains at least 30% of the issued share capital post-restructuring, with new shares issued to the controlling shareholder serving as collateral for the medium-term bonds [5] - It is expected that creditors participating in the debt arrangement will collectively hold approximately 44% to 45% of Kwan Cheung's issued share capital after the restructuring is completed [5]