Sunac China surged over 20% in Hong Kong after completing offshore debt restructuring
STOCKS
Sunac China surged over 20% in Hong Kong after completing offshore debt restructuring
STOCKS

Sunac China surged over 20% in Hong Kong after completing offshore debt restructuring

 

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Property developer Sunac China is surging more than 20% in Hong Kong after it became China’s first major developer to complete a debt restructuring deal with onshore and offshore creditors. 

Sunac said that all conditions of its offshore debt restructuring have been met and the restructuring plan becomes effective on November 20, according to a stock exchange filing on Monday night.

Last month, the High Court in Hong Kong approved Suanc’s workout plan at a hearing, paving the way for creditors to get their money back after Sunac defaulted on several US dollar denominated bonds and other liabilities. Creditors owning 98.3% of the claims acceded to the restructuring terms during a vote in September.