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Sino-Ocean to Prioritize Local Debt Payment Over Offshore Debt
January 31, 2024
Distressed Chinese developer Sino-Ocean is said to have told that it would prioritize repaying its local debt over its dollar bonds, as per sources. An ad-hoc creditor group holding over 25% of six dollar notes had a ‘principal-to-principal meeting’ with the developer and no restructuring plan was presented, the sources said. Bloomberg notes that the group asked Sino-Ocean to come up with a broad restructuring plan with the support of its major shareholder China Life Insurance Co., that owns 29.59% of the developer. In an exchange filing, the Sino-Ocean noted that it got creditors’ approval to extend seven onshore notes and three ABS products worth RMB 18.3bn ($2.5bn). Sino-Ocean defaulted in September after it suspended payments on all its offshore notes.
Its dollar bonds are trading at deeply distressed levels of 8-9 cents on the dollar.
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