by Amruth Sundarkumar | Oct 20, 2022 | China, Distressed / Defaulted Bonds
Logan Group’s unit has delayed principal and coupon payments worth RMB 140mn ($19.4mn) on an already extended local bond. The bond has a 30-day grace period and Logan said that it will try to accelerate fundraising to avoid default. Logan’s dollar bonds...
by Amruth Sundarkumar | Sep 8, 2022 | China, Corporates, Distressed / Defaulted Bonds, High Yield Bonds
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...
by Amruth Sundarkumar | Sep 5, 2022 | China, Corporates, Distressed / Defaulted Bonds, High Yield Bonds
China’s property sector has produced its worst half yearly earnings season yet since 2008, as per Bloomberg’s analysis of 136 developers. Net income across these companies dropped a massive 87% in during this period to a mere RMB 17.6bn ($2.5bn). The...
by Amruth Sundarkumar | Aug 15, 2022 | China, Corporates, Distressed / Defaulted Bonds
After Chinese real estate developer Logan Group announced a payment suspension on $1.6bn of offshore bonds last week, IFR reported that the developer is unwilling to cooperate on the restructuring. The bonds in question include its $400mn 6.5% July 2023s, $300mn 5.75%...
by Amruth Sundarkumar | Aug 10, 2022 | China, Corporates, Distressed / Defaulted Bonds
Chinese Developer Logan Group has halted coupon payments on five of its dollar-denominated bonds maturing over the next 6 years with a combined value of $1.6bn. The bonds in question are its $400mn 6.5% 2023s, $300mn 5.75% 2025s, $300mn 4.25% 2025s, $300mn 4.7% 2026s...
