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China Aoyuan’s witnessed a dissent from an unnamed creditor regarding its debt restructuring plan post which the case went for a two-day trial at a Hong Kong court. Aoyuan now awaits the decision of the judge wherein, an approval would help them clear a major hurdle in appeasing creditors and help implement settlement terms. However, the judge’s denial would send Aoyuan back to creditors again for negotiation, dragging its overall restructuring plan. To quickly recall, under the plan’s terms, creditors are expected to get new notes, shares in the company, convertible bonds and perpetual securities in exchange for their old notes. Aoyuan’s dollar bonds are trading at deeply distressed levels of just over 2 cents on the dollar.
Separately, Road King’s dollar bonds due in 2025 and 2026 rallied by 2-4 points after it announced a series of partial redemptions on its dollar bonds. Road King, in an HKEX filing said that it had redeemed:
Road King’s 6% 2025s were up 4.1 points to trade at 54.4 and its 5.2% 2026s were up 2.6 points to trade at 31 cents on the dollar.