Core Viewpoint - Sunac China Holdings Limited has successfully gained approval for its offshore debt restructuring plan, with 98.5% of voting creditors in favor, which meets the court's requirements for approval [1][3]. Group 1: Debt Restructuring Progress - A total of 1,492 creditors participated in the vote, with 1,469 supporting the restructuring plan, representing a support rate of 94.5% in terms of debt amount [1]. - The Hong Kong High Court is scheduled to hold a hearing on November 5 to make a final ruling on the restructuring plan [1]. - If the offshore debt restructuring is successful, combined with previous domestic debt restructuring, Sunac's overall debt repayment pressure is expected to decrease by nearly 70 billion yuan, saving tens of millions in annual interest expenses [1][3]. Group 2: Previous Restructuring Efforts - Sunac completed a 16 billion yuan domestic debt extension in January 2023 and a $10 billion offshore debt restructuring in November 2023 [3]. - Due to underperformance and creditor petitions for liquidation, Sunac initiated a second round of debt restructuring, with the domestic debt restructuring completed in January this year [3]. - In March 2023, Sunac announced plans for a second offshore debt restructuring, targeting a total of approximately $9.55 billion in offshore debt [3]. Group 3: New Financial Instruments - The restructuring plan includes the issuance of two types of new mandatory convertible bonds (MCB) to creditors, with one type convertible at a price of HKD 6.80 per share and the other at HKD 3.85 per share, with a total amount not exceeding 25% of the total debt [3]. Group 4: Shareholder Stability Plan - Sunac has introduced a "shareholder structure stabilization plan," providing major shareholder Sun Hongbin with restricted shares that come with specific conditions, ensuring that the major shareholder's equity ratio remains stable and preventing excessive dilution [4].
孙宏斌清债，获1469张赞成票