Chinese Developer Shimao Group Seeks Offshore Investor Approval to Restructure $11.7 Billion Debt
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Chinese developer Shimao Group Holdings is seeking to restructure its offshore debt worth $11.7 billion. The company has presented four options to its creditors, including repayment through short-term notes, long-term notes, zero-coupon mandatory convertible bonds, and a combination of different securities. The aggregate principal amount offered through short-term notes or loans due in six years will not exceed $3 billion, while the amount allocated to long-term notes or loans due in seven to nine years will not exceed $4 billion. Shimao has been trying to resolve its debt issues since announcing an initial restructuring plan in December. The latest proposal aims to improve the company's capital structure and enable better management of operations. Failure to reach an agreement with credit...
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