此外，为鼓励债权人尽早参与重组，旭辉将向在香港时间10月27日香港时间下午5点整之前签署RSA的债权人支付早鸟同意费，金额等同于其加入RSA债务本金及2023年1月1日至2024年9月30日应计利息之和的0.2%；并向在香港时间11月27日之前签署RSA的债权人支付一般同意费，金额等同于其加入RSA债务本金及2023年1月1日至2024年9月30日应计利息之和的的0.1%。Before the market on September 27, Xuhui Holdings (00884) issued an announcement on significant progress in the comprehensive settlement of foreign debt.
The Zhitong Finance App learned that before the market on September 27, Xuhui Holdings (00884) issued an announcement on significant progress in the comprehensive settlement of foreign debt. In the announcement, the company is pleased to announce that it has signed a formal restructuring support agreement (RSA) with members of the Bondholders' Group (AHG). The bondholders' group together accounted for 46.9% of the total outstanding principal amount of foreign notes and 31.1% of the total principal amount of foreign debt.
The announcement revealed in detail that Xuhui provided creditors with 8 options, including short-term debt cuts, mid-term stock transfers, and long-term capital protection and interest rate cuts, including short term notes, short term loans, middle age notes + mandatory convertible bonds, multi-year notes, mid-term notes, mid-term loans, dollar-denominated long-term loans, and RMB denominated long-term loans.
Furthermore, in order to encourage creditors to participate in the restructuring as soon as possible, Xuhui will pay an early bird consent fee equal to 0.2% of the sum of the principal amount of the RSA debt and accrued interest from January 1, 2023 to September 30, 2024; and to creditors who signed the RSA before November 27, Hong Kong time. The amount is 0.1% of the sum of the principal amount of the RSA debt and the accrued interest accrued from January 1, 2023 to September 30, 2024.
Xu Hui said in the announcement that after completion, the comprehensive restructuring proposal for overseas debt will ease the pressure on the company's liquidity, provide the company with a sustainable capital structure, and create long-term value for all stakeholders. Furthermore, the company's long-term plan is to gradually shift to an asset-light business model and preserve core resources and capabilities to survive the deep adjustment cycle of China's real estate development industry. The company will continue to cooperate with the bondholders' panel and its advisors on detailed arrangements to implement the proposed restructuring, and actively engage with other creditors to advance the proposed restructuring.
Industry analysts believe that Xuhui's overseas restructuring involved 10 senior bonds, 1 convertible bond, 1 perpetual bond, and 13 overseas loans, with a total principal amount of 6.858 billion US dollars. There are many types of investors involved, and the restructuring is not too difficult. There are many current plan options, and they should be the result of repeated adjustments after fully listening to the needs of various creditors. The plan also reserves a certain degree of flexibility and establishes a sharing mechanism to allow the company to adjust cash expenses appropriately based on sales conditions, which is conducive to ensuring that the company fulfills its contracts on schedule.
