Sunac China Secures Creditor Approval for $9 Billion Debt Restructuring Plan

Creditors of Sunac China Holdings approved the company's $9 billion offshore debt restructuring plan. Sunac is the first major Chinese developer to get approval for such a debt overhaul.
98.3% of creditors participating in the vote approved Sunac's restructuring plan proposed earlier this year.
The plan involves exchanging part of Sunac's debt into convertible bonds backed by its Hong Kong-listed shares, along with new 2-9 year notes.
Sunac raised the cap on mandatory convertible bonds to $2.75 billion from $2.2 billion due to overwhelming creditor interest.
The debt restructuring aims to reduce Sunac's cash flow pressure over the next two years, though uncertainties remain on its implementation.

Creditors of Sunac China Holdings approved the company's $9 billion offshore debt restructuring plan. Sunac is the first major Chinese developer to get approval for such a debt overhaul.
98.3% of creditors participating in the vote approved Sunac's restructuring plan proposed earlier this year.
The plan involves exchanging part of Sunac's debt into convertible bonds backed by its Hong Kong-listed shares, along with new 2-9 year notes.
Sunac raised the cap on mandatory convertible bonds to $2.75 billion from $2.2 billion due to overwhelming creditor interest.
The debt restructuring aims to reduce Sunac's cash flow pressure over the next two years, though uncertainties remain on its implementation.