E-House (China) Enterprise Holdings, a leading Chinese property brokerage backed by Alibaba Group, received support from 75.6% of the bondholders and the company will file petitions with the courts in the Cayman Islands and Hong Kong to commence the restructuring around July 31, according to a filing to the Hong Kong exchange on Wednesday.
The rest of the creditors can still submit their decisions on the restructuring plan to the company until the end of the month, it said.
Those supporting the plan will get $60 in cash and $940 in new bonds maturing in 2025 for every $1,000 owed, while the company will raise cash through stock sales and asset disposals, it said.
The company defaulted on a $300 million 7.62% note that matured in April 2022, and on a $300 million 7.6% bond due last month.