Summary by Moomoo AI
SINO-OCEAN GP announced that it had made significant progress in the overseas debt restructuring with some of its creditors, including entering into a restructuring support agreement and inviting other creditors to join. The restructuring aims to maximize creditor recovery and establish a long-term sustainable capital structure. The restructuring covers existing debt instruments of approximately 5.636 billion US dollars and is expected to be implemented through a combination of restructuring procedures. The company has obtained the agreement of about 50% of the principal amount of the Class A debt coordinating committee members to the main terms of the proposal and will pay agreed fees to creditors who join the restructuring support agreement. The consideration for the restructuring includes new debt, mandatory convertible bonds and new perpetual securities, and will be paid through designated overseas asset support and cash settlement mechanisms. In addition, the company has no intention of publicly offering any securities in the United States.