Corporate Debt Restructuring Masterclass

18 July 2022 (Mon), 5pm Singapore/HK time

Chinese developer Golden Wheel Tiandi is in discussions with bondholders to amend the terms on three of its outstanding dollar bonds, that includes a possible maturity extension. The three bonds in question are its $121.506mn 12.95% 2022s, $178.495mn 14.25% 2023s and $144.999mn 16% 2023s. The developer said the discussions involve “certain significant beneficial holders of the notes” and no formal proposal has been finalized yet. It added that it wants to “reassure creditors that it intends to proactively manage its exposure under the notes”. Guotai Junan International and Alvarez & Marsal would be its joint financial advisers. Golden Wheel was downgraded by Moody’s in mid-October to Caa1 from B3.

Golden Wheel’s dollar bonds were stable, trading between 35-40 cents on the dollar.

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