BRIEF: Bondholders approve Logan’s onshore debt restructuring
Real estate developer Logan Group Co. Ltd. (3380.HK) said on Wednesday that restructuring plans for 21 of its onshore corporate bonds and asset-backed securities (ABS) have all been approved by related bondholders, and provide options including full conversion into designated assets, asset-for-debt swaps, cash repurchases and equity economic rights.
Logan said it will make arrangements for the restructuring plan selected by specific bondholders in accordance with their relevant agreements.
The company’s liabilities totaled about 187.78 billion yuan ($26.15 billion) at the end of 2024, while its assets totaled 212.59 billion yuan, and it held 8.65 billion yuan in cash, according to its 2024 annual report.
Shares of Logan opened up 4.4% at HK$0.95 on Thursday. The stock is down around 46% from its 52-week high.
By Lau Chi Hang
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