China developer CIFI gets bondholder nod on debt restructuring plan

CIFI Holdings (Group)

29/04/2024 03:24

HONG KONG, April 29 (Reuters) - Embattled Chinese
property developer CIFI Holdings  0884.HK  said on Monday it has
reached agreement with a key group of bondholders on a plan to
restructure its offshore debt.
    A key group of bondholders has agreed "in principle" on the
key terms of a proposal offered by CIFI, the company said in a
filing to the Hong Kong stock exchange. The group holds or
controls approximately 43% in aggregate of the principal amount
of the CIFI's offshore notes and bonds.
    Shanghai-based CIFI defaulted on payments tied to a
convertible bond in October, 2022, and has been working with its
creditors for repayment solutions since. 

 (Reporting by Xie Yu; Editnig by Kim Coghill)
 ((Yu.Xie@thomsonreuters.com;))