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Bond Market News
Logan Receives Creditors’ Support for Restructuring
February 28, 2025
Shenzhen developer Logan Group, secured creditors’ support for its debt restructuring. 80.8% of creditors holding over $6.21bn of its total debt, backed the company’s restructuring proposal. The company aims to restructure $7.56bn of debt, relieving creditors of $476mn in additional offshore debt under separate financing instruments. This comes amidst China’s ongoing property crisis, where many developers face liquidation and several are undergoing restructuring.
Logan’s dollar bonds continue to trade at deeply distressed levels of 7-8 cents on the dollar.
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