Core Viewpoint - The debt restructuring plan of Ocean Group (03377.HK) has been announced, involving a total of 180.5 billion yuan in company bonds and additional debt financing tools [2][3]. Group 1: Debt Restructuring Options - The restructuring plan includes several options: cash buyback, stock economic rights, asset debt settlement, and general bond extension [2]. - For the cash buyback option, the parties intend to repurchase bonds worth up to 40 billion yuan at a price of 20% of the remaining face value, with a maximum cash outlay of 800 million yuan [2]. - The stock economic rights option involves issuing up to 2.8 billion new ordinary shares in Hong Kong, with the conversion price set at five times the average stock price over the 20 trading days prior to the registration date [2]. - The asset debt settlement option is divided into residential and commercial project income settlements, with a total repayment cap of 70 billion yuan [3]. Group 2: Long-term Debt Solutions - A long-term debt retention plan is proposed, extending the maturity date to September 30, 2035, with a uniform interest rate of 1% per annum starting from the benchmark date [3]. - From the end of the 5.5-year period, principal repayments will be made semi-annually in cash, with interest paid alongside [3]. Group 3: Stakeholder Considerations - The restructuring plan aims to balance the diverse demands of creditors, some of whom prefer short-term cash and high repayment rates, while others favor long-term repayment options [4]. - The company emphasizes its commitment to fair treatment of investors, ensuring no conflicts of interest or insider trading practices [3].