Core Viewpoint - Sunac China has received overwhelming support for its offshore debt restructuring plan, with 98.5% of creditors voting in favor, which corresponds to a debt amount support rate of 94.5% [3][4]. Group 1: Debt Restructuring Details - A total of 1,492 creditors participated in the vote, with 1,469 approving the restructuring plan [3]. - The restructuring plan involves a total offshore debt of approximately $9.55 billion, with a "full debt-to-equity swap" strategy covering various types of debts [3][4]. - The plan includes the issuance of two series of new Mandatory Convertible Bonds (MCB) to creditors, with conversion prices set at HKD 6.80 and HKD 3.85 per share [4]. Group 2: Shareholder Involvement - To maintain stable equity structure, the main shareholder, Sun Hongbin, will receive restricted shares to keep his ownership percentage at a certain level [4]. - For every $100 principal of new MCB allocated to creditors, approximately $23 will be issued to the main shareholder or designated parties, with limited rights for six years [4]. Group 3: Financial Impact - Successful completion of the offshore debt restructuring, along with previous domestic debt restructuring, is expected to reduce Sunac's overall debt pressure by nearly 70 billion yuan, saving tens of millions in annual interest expenses [4]. - As of mid-2025, Sunac's interest-bearing liabilities stand at 254.82 billion yuan, with litigation amounts around 166.38 billion yuan [5]. Group 4: Industry Context - Currently, three real estate companies, including Sunac, have achieved or are close to successful debt restructuring, while eight others, including Shimao Group and Kaisa Group, have successfully restructured their offshore debts [4].
1469赞成票！孙宏斌赢得关键一局