SHIMAO Refines Debt Restructuring Terms ahead of Winding-up Petition Hearing: Wire

　　SHIMAO GROUP (00813.HK) +0.020 (+2.703%) proposed better restructuring terms for its offshore debt in a bid to win creditors' support, Reuters quoted people with the knowledge of the matter. The first hearing of a winding-up petition filed by CCB (Asia) over an outstanding loan of $1.58 billion will be held on Wednesday (26th). Shimao's restructuring plan, which was put forward in March 2024, was strongly opposed by its creditors.

　　Shimao refined its terms ahead of the winding-up petition hearing, including raising the minimum amount of cash recoverable by creditors, and is negotiating with some creditors on other details of the restructuring, including a proposal to exchange debt for mandatory convertible bonds.

　　According to earlier reports, creditors objected to the restructuring proposal in March mainly due to the scale of losses involved and the lack of upfront payments in the proposal.