Advanced Theory & Practice of Bonds

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1-2 December 2021

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China Fortune Land Development (CFLD) proposed a debt restructuring plan to deal with RMB 270bn ($41.7bn) of debt via asset sales, debt-to-equity swaps and business divestitures, as per Caixin Global. As per the plan, CFLD will repay RMB 219.2bn ($34bn) of debt through asset sales and equity swaps. CFLD also plans to spin-off projects with repayment obligations worth RMB 50bn ($7.8bn). Extensions or installment payments would be made on RMB 90bn ($14bn) of debt. A source said, “It remains unclear about the time to make the repayment and how some of the debt will be paid in installments or be extended” with the company also not giving details on what assets will be sold during the restructuring. As per Caixin, CFLD is to sell one of its key commercial and residential complex projects in Hebei province to a company controlled by the Hebei government. The restructuring proposal comes  more than 200 days after a creditor committee was formed to represent creditors and negotiate with the company on debt repayment. CFLD defaulted on its $530mn 8.625% dollar bonds due February 28, 2021 which currently trades at 41.7 cents on the dollar with its other bonds also trading at similar levels.

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