Summary by Moomoo AI
Sino-Ocean Group Holding Limited (the 'Company') announces that significant progress has been made with creditors in overseas debt restructuring, including the signing of a restructuring support agreement and invitation of other creditors to join. The restructuring aims to establish a long-term sustainable capital structure for the Company and provide fair treatment to creditors. The scope of the restructuring covers existing debt instruments of approximately $5.636 billion, and it is expected to be implemented through a combination of restructuring procedures. The Company will issue new debt with a total principal amount of $2.2 billion and will convert outstanding debt into non-interest bearing mandatory convertible bonds and new shares. In addition, the Company will invite creditors to join the restructuring support...Show More