Investing.com — Real estate developer Sunac China has secured sufficient support from holders of seven of its ten bonds, moving closer to reducing its onshore bond debt by more than half through a restructuring process. The information was revealed on Monday by a source directly familiar with the situation.
In order for the debt restructuring to take effect, Sunac China requires the consent of all ten bondholders. The total value of these onshore bonds is 15.4 billion yuan ($2.11 billion).
Earlier this month, the first six bondholders approved the restructuring. Since the voting deadline was extended last Friday, bondholders of Sunac China’s largest onshore bond, which has an outstanding amount of 2.9 billion yuan, have also expressed their support.
The company decided to extend the voting period for the remaining bonds until January 3, according to the same source. Sunac China has not made any comment on the matter.
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