China Fortune Land Development’s (CFLD) bondholders are said to have have sought support from other investors to reach a 25% blocking vote position as per Bloomberg citing financial intelligence provider REDD. Reaching a 25% blocking position across CFLD’s dollar bond tranches is expected to boost their bargaining power to rectify some limitations in CFLD’s restructuring plan, they note. The news comes on the back of a bondholder call where both the advisors  Latham & Watkins and Alvarez & Marsal said that the proposal terms were unacceptable and unlikely to adequately compensate bondholders for the risks taken.

CFLD’s dollar bonds continue to remain at distressed levels across the curve at just over 30 cents on the dollar.

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