Core Viewpoint - The article discusses the challenges faced by CIFI Holdings regarding its domestic debt restructuring plan, particularly the opposition from the bondholders represented by Zhejiang Laixi Private Fund Management Co., Ltd. [2][3] Group 1: Debt Restructuring Details - CIFI Holdings announced a domestic debt restructuring plan on May 23, involving seven bonds with a total principal of 10.06 billion yuan, including the "20 CIFI 01" bond [4]. - The "20 CIFI 01" bond was issued on May 29, 2020, with an issuance amount of 2.12 billion yuan and a coupon rate of 3.8%, originally maturing on May 28, 2023, but extended to May 29, 2025 [4]. - The restructuring plan offers four options for bondholders, with an overall debt reduction target of 50%. The first option involves a buyback at 18% of face value, the second offers equity rights, the third allows for asset swaps, and the fourth extends the maturity to January 18, 2034, with a reduced interest rate of 1% [4][5]. Group 2: Bondholder Meeting and Opposition - The bondholder meeting originally scheduled for June 4 was called by Laixi Fund, representing over 10% of the bondholders, to oppose the debt restructuring plan [2][5]. - The meeting was canceled by China International Capital Corporation (CICC) due to discrepancies in the bondholder list, which led to the conclusion that the required quorum was not met [9][10]. - Following the cancellation, Laixi Fund indicated plans to initiate a second bondholder meeting to continue their opposition to the restructuring [12]. Group 3: Industry Context and Implications - Since 2021, many real estate companies have initiated debt restructuring, with varying degrees of debt reduction. However, recent trends show a shift towards more aggressive debt cuts, with some companies facing second defaults [12]. - The restructuring model adopted by CIFI and other companies mirrors that of Sunac China, which successfully implemented a 50% debt reduction through various methods [12]. - If Laixi Fund's proposals succeed, it could set a precedent for other creditors and potentially alter the current debt restructuring dynamics within the real estate sector [13].
中小债权人狙击旭辉削债受挫