People walk past the logo of Shimao Group in Shanghai. — Reuterstelegram中文群组（www.tg888.vip）是一个Telegram群组分享平台，飞机群组内容包括telegram群组索引、Telegram群组导航、新加坡telegram群组、telegram中文群组、telegram群组（其他）、Telegram 美国 群组、telegram群组爬虫、电报群 科学上网、小飞机 怎么 加 群、tg群等内容，为广大电报用户提供各种电报群组/电报频道/电报机器人导航服务。
HONG KONG: Cash-strapped Chinese developer Shimao Group has proposed a two-class restructuring plan to offshore creditors to repay $11.8 billion over a period of three to eight years, according to two sources with direct knowledge of the matter and a document seen by Reuters.
Shanghai-based Shimao first missed a public offshore bond obligation last month. With an outstanding $6.1 billion worth of international bonds, Shimao is the sixth largest issuer among Chinese developers, according to Refinitiv.
The plan will, however, exclude $2.3 billion offshore debt including offshore project loans, and loans backed by onshore financial institutions or governed by mainland Chinese law.
Shimao did not respond to request for comment.,
Unhappy about the proposal, offshore creditors plan to request Shimao to treat all classes of offshore creditors equally, and refrain capital from flowing out from the offshore entities, according to one of the sources.
Creditors also plan to ask the company for an increase in the ratio of the amortized repayment, and a sweetener to enhance the credit profile of the debt, the person said.
Debtwire first reported on Tuesday about Shimao's restructuring terms that were communicated to some investors last Friday.
Under the proposed restructuring terms, Shimao would repay Class A debt, which are $4.65 billion worth of syndicated loans and guaranteed bilateral loans under an amortization schedule between 36 to 72 months.
A total of $7.13 billion Class B debt, which are all the public and private bonds and unguaranteed bilateral loans, would be repaid by six tranches of new notes worth 9% to 23% of the claims with maturities ranging between 39 to 93 months. - Reuters