HONG KONG : Shanghai-based property developer CIFI Holdings said on Wednesday it has proposed five options with different maturity extensions and haircuts to its bondholders in an effort to restructure its $7 billion offshore debt.
The debt revamp proposal, which also includes swapping part of the debt for equity, aims to halve the firm’s debt to $3.3 billion to $4 billion, it said in a filing.
The refined terms follow the developer’s proposal in March which had no plan for haircut and maturity extension of less than 7 years, highlighting the worsening operational and financing environment since the sector slipped into a debt crisis in mid-2021.
Reuters reported in October that a few developers, including CIFI, had reduced offers to of…
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