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Logan’s Revised Debt Plan May Reduce Cash Payouts to $100mn, Say Sources
December 23, 2024
Chinese property developer Logan Group’s revised offshore debt restructuring may see a reduction in cash payouts to creditors from $190mn to $100mn, as per sources citing a draft. The sources said that the cash payout would remain at $15 for every $100 in principal. Due to the funding pool shrinking, some creditors would need to choose other options, they added. Another term under discussion was said to be an increase in the conversion price for mandatory convertible bonds from HKD 3 ($0.4) for creditors who choose that option. The entire details of its revised restructuring plan was not available yet. In January this year, Logan had offered a mix of cash, convertible bonds, and new long-term bonds extended by up to nine years for $6.65bn of its dollar debt.
Logan’s dollar bonds were trading steady, albeit at deeply distressed levels of about 9 cents on the dollar.
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