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Bond Market News
Sino-Ocean’s Debt Restructuring Proposal Sees Mixed Response
July 19, 2024
Sino-Ocean said that its debt restructuring proposal was supported by a group of creditors, while there were concerns from other creditors about the terms. The group backing the proposal represents about half of Sino-Ocean’s Class A debt. The proposal involves $5.6bn of existing debt wherein, creditors would receive about $2.2bn of new bonds tied to offshore assets. The remaining claims will be swapped into mandatory convertible bonds or new perps. An ad-hoc group of creditors told that they were “strongly against” the proposal and that the terms had to be improved. They will address the matter with the developer early next week. Sino-Ocean suspended payments on all dollar debt in September 2023, joining several other Chinese developers that defaulted.
Its dollar bonds are trading at deeply distressed levels of 6-7 cents on the dollar.
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