Logan Group has briefed some of its creditors about a draft proposal to restructure more than $6bn in offshore debt. A source said that the proposal would see Logan extend the average term of its debt to slightly more than 5 years. Sources note that under Logan’s draft proposal:
- Public notes will be fully paid in 6.75 years. The first batch of principal payments would happen 33 months after a restructuring becomes effective.
- Its privately placed bonds are to be paid back in 5 years. The first principal payments would be made 30 months after restructuring.
Logan intends to use its offshore assets to back its restructuring. However, the discussion on its draft is ongoing and subject to revision. At the moment, Logan has suspended dollar bond payments.
Given the turmoil in the Chinese real estate sector, other than hopeful government support, debt restructurings have been the go-to option. In this dashboard, we cover concrete and important debt restructuring details across major Chinese real estate developers where investors/readers can track, understand and compare the restructuring options and navigate through this crisis. The dashboard will be updated on a daily basis with the latest available restructuring information on each company.