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Bond Market News
Shimao Sweetens Restructuring Deal Before Liquidation Hearing
June 26, 2024
Shimao Group has sweetened its debt restructuring deal to garner support from creditors, before the liquidation hearing scheduled today, according to sources. In its revised proposal, Shimao has offered “mildly” improved terms, including an increase in the minimum cash that creditors will be able to collect, the sources added without providing further details. The sweetened offer from Shimao comes after its creditors strongly opposed a restructuring plan it presented in March. Shimao and some of its creditors were also negotiating other terms of the restructuring, including its offer of exchanging debt for mandatory convertible bonds.
Shimao’s dollar bonds continue to trade at deeply distressed levels of 5-6 cents on the dollar.
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