Fantasia Holdings said that it reached an agreement with its major dollar bond creditors regarding “basic commercial terms” of a debt plan. However, it did not give details about the plan involved or who the creditors were. The developer said that the deal would relieve its debt pressure. The news comes over a year since the distressed company defaulted on its dollar bond that was followed by a wave of defaults across the sector including Evergrande. In related news regarding Fantasia, two winding-up petitions against the company have been adjourned, with the new hearing dates not revealed yet. Separately, it also said that it reached an agreement with Chinese investor Gortune Investment regarding further investment.
Fantasia’s dollar bonds were flat, trading at 9-10 cents on the dollar.