HONG KONG, March 20 (Reuters)听–听Embattled developer听颁丑颈苍补听贰惫别谤驳谤补苍诲别听Group聽plans to publish an offshore听诲别产迟听restructuring term sheet on听奥别诲苍别蝉诲补测, aiming to sign an agreement with creditors by month-end, it told a Hong Kong court.
A representative of a key offshore bondholder group said after the court hearing that it had agreed on听贰惫别谤驳谤补苍诲别‘s proposed restructuring terms, a vital move paving the way for the developer to听谤别蝉迟谤耻肠迟耻谤别听offshore听诲别产迟听of $22.7 billion.
With more than $300 billion in liabilities, including the offshore听诲别产迟,聽贰惫别谤驳谤补苍诲别听began one of听颁丑颈苍补‘s biggest听诲别产迟听restructuring processes early last year.
At Monday’s hearing, the firm said it expected a deal to be signed by the general creditors by the end of March. The restructuring is to take effect from Oct 1.
As聽贰惫别谤驳谤补苍诲别听seeks agreement of general creditors for the restructuring, the court set July 31 for the next hearing of a聽.
Once听颁丑颈苍补‘s top-selling developer,聽贰惫别谤驳谤补苍诲别听has been at the center of a property听诲别产迟听crisis in which multiple developers defaulted on offshore听诲别产迟听obligations over the past few years, forcing many to enter into听诲别产迟听restructuring talks.
贰惫别谤驳谤补苍诲别听has been trying to reach agreement with major offshore bondholders on聽聽in two listed units in Hong Kong, sources have told Reuters.
The two units are聽贰惫别谤驳谤补苍诲别听Property Services Group聽and聽贰惫别谤驳谤补苍诲别听New Energy Vehicle Group.
In a court hearing last聽,聽贰惫别谤驳谤补苍诲别听said it aimed to win creditors’ approval for its听诲别产迟听restructuring proposals by the end of February. – Reuters
