Brief: Fantasia Holdings Updates On Proposed Terms For Restructuring Of Offshore Debts

Fantasia Holdings

29/04/2024 14:16

April 29 (Reuters) - Fantasia Holdings Group Co Ltd
 1777.HK :
    * ON 29 APRIL 2024, COMPANY ENTERED INTO A RESTRUCTURING
SUPPORT
AGREEMENT ( "RSA") WITH AHG
    * UNDER PROPOSAL, SEEKS TO RESTRUCTURE OUTSTANDING PRINCIPAL
OF
US$ DENOMINATED SENIOR NOTES IN AGGREGATE AMOUNT OF US$4,018
MILLION ISSUED
    * UNDER PROPOSAL, SEEKS TO RESTRUCTURE ALL ACCRUED AND
UNPAID
INTEREST ON EXISTING DEBT INSTRUMENTS UP TO 31 DECEMBER 2022
    * UNDER PROPOSAL, SEEKS TO RESTRUCTURE CERTAIN OTHER
OFFSHORE
FINANCIAL INDEBTEDNESS OF GROUP TOGETHER WITH EXISTING NOTES
    * FOR EACH BENEFICIAL INTERESTS IN OFFSHORE DEBTS
CONSIDERATION OF
NEW US$ DENOMINATED SENIOR NOTES IN AMOUNT EQUAL TO CLAIM, AMONG
OTHERS
    * PROPOSAL WILL INVOLVE EXCHANGE OF PART OF SCHEME
CREDITORS'
CLAIM AND LOANS EXTENDED BY CONTROLLING SHAREHOLDER INTO SHARES
OF CO
    * IN PROPOSAL, AGGREGATE AMOUNT OF $1.3 BILLION OF SCHEME
CREDITORS' CLAIM WILL BE CONVERTED INTO SCHEME CREDITOR SHARES
TO ALL SCHEME CREDITORS,
    * UPON DEBT TO EQUITY SWAP PROPOSAL, CONTROLLING SHAREHOLDER
WILL
CONTROL 40% OF TOTAL EQUITY INTEREST IN COMPANY
    * UPON DEBT TO EQUITY SWAP PROPOSAL, HOLDERS OF EXISTING
DEBT
INSTRUMENTS WILL HOLD 45.2% OF STAKE IN CO


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