SINO-OCEAN GP: Principal Terms of Restructuring Agreed by 50% CoCom Members, Involving US$5.6B Outstanding Principal Amt

　　SINO-OCEAN GP (03377.HK) +0.020 (+5.333%) announced on the significant progress made regarding the restructuring of its relevant offshore debts. The principal terms of a holistic debt management proposal were agreed by members of the co-ordination committee (CoCom) representing around 50% in aggregate principal amount of the Class A Debt.

　　The scope of the Restructuring covers the Existing Debt Instruments, with an aggregate outstanding principal amount of approximately US$5.636 billion. The New Debts in an aggregate principal amount of US$2.2 billion will be issued to the In-Scope Creditors. The remaining debt claims will be exchanged into non-interest bearing Mandatory Convertible Bonds (MCB) where a portion of their debt claims can be equitized into the new shares of the Company to benefit from short-term liquidity and potential upside.

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