Distressed Chinese developer Powerlong Real Estate Holdings unveiled the preliminary terms of a restructuring agreement with an ad hoc group (AHG) of creditors late on Thursday, a deal which is expected to give the Shanghai-based company a brief respite from the ongoing debt crisis.
The builder said it had agreed with the AHG on restructuring its offshore bonds, which gave bondholders options such as swapping their holdings for shares in the companys subsidiary Powerlong Commercial Management Holdings or for convertible bonds of the company, according to a filing made to the Hong Kong stock exchange.
The company would like to update its shareholders and potential investors on the significant progress of the companys plan for a holistic…
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