Greenland Holding won approval of bondholders’ to extend maturities of its dollar bonds as per a regulatory filing, Bloomberg notes. This comes about a week after the company defaulted on its $300mn 5.6% dollar bond due November 13. In the beginning of November, Greenland had warned of the default and launched a consent solicitation to extend the maturity on all its dollar bonds. For the defaulted bond, it had sought to extend the maturity by two years. For its June 2023s, it sought to extend the maturity by a year and for its other bonds it sought an extension by two years.

Bondholders who gave consent before November 11 will receive 0.5% of the principal as consent fee, and those who gave consent before the final deadline of November 18 will receive a 0.25% consent fee. Greenland will make an upfront payment of 5% of the outstanding principal amount of the November 2022 bond along with the consent fee on November 25. For the other dollar bonds, it will repay 5% of the principal on their original maturity dates.

Its 5.6% November 2022s were up 1.6 points to trade at 25.5 cents on the dollar.

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