This site uses cookies to provide you with a great user experience. By using BondbloX, you accept our use of cookies.
Distressed Chinese developer Yuzhou Group is seeking financing to advance its offshore restructuring plan, which received court approval last year. It aims to use the next six months to secure liquidity for payments due on the effective date of the restructuring. Delays in financing have hindered progress, and creditors recently approved an extension of the deadline to complete restructuring from February 28 to August 31. The company had defaulted on dollar bonds in January 2022. During a New York bankruptcy court hearing, Yuzhou’s lawyer emphasized the complexity of the restructuring process. The company is also seeking regulatory approvals to issue new shares and bonds.
Yuzhou’s dollar bonds continue to trade at deeply distressed levels of ~7 cents on the dollar.
For more details, click here