Chinese property developer Sino-Ocean Group faces winding-up petition, plans $2.8B debt restructure over decade.

Sino-Ocean Group, a Chinese property developer facing a winding-up petition, anticipates generating $2.8 billion over the next decade to address its restructured $5.64 billion offshore debt. Following a restructuring agreement with some creditors, the state-backed firm plans to utilize new loans, convertible bonds, or interest-bearing securities totaling $2.2 billion for repayment. A related hearing with the Bank of New York Mellon is postponed to December 23.

October 15, 2024
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