Chinese property brokerage and consultancy, E-House filed for protection under Chapter 15 of the US bankruptcy code. This will prevent creditors from seizing its assets as it undergoes a debt restructuring in the Cayman Islands. This comes as a creditors’ meeting to vote on E-House’s repayment plan is expected on October 12 where its restructuring scheme will be voted upon. E-House, which defaulted on a $300mn 7.625% bond due April 2022 and a $300mn 7.6% bond due June 2023, has proposed to repay bondholders $60 in cash and $940 in new 2025s for every $1,000 in principal plus accrued interest. The company said that it continues to explore ways to repay the bonds.
Its 7.6% 2023s were trading 1 point higher to 20 cents on the dollar.
For the full story, click here