by Amruth Sundarkumar | Aug 29, 2022 | China, Corporates, High Yield Bonds
After Shimao Group’s $11.8bn restructuring proposal last week, more details have emerged including the possible coupons on its new restructured notes, as per sources. To quickly recall, a two-class restructuring was planned via Class A and Class B plans to repay...
by Amruth Sundarkumar | Aug 26, 2022 | China, Corporates, Distressed / Defaulted Bonds, High Yield Bonds
Chinese developer Shimao Group proposed the repayment of its $11.8bn offshore debt over a period of 3-8 years via a two-class restructuring plan, as per a Reuters report. The two classes are known as the Class A and Class B plans. Lucror Analytics mentions the...
by Amruth Sundarkumar | Jul 29, 2022 | China, Distressed / Defaulted Bonds
UOB has sued China’s Shimao Group and four of its subsidiaries, accusing the developer of breaching terms of certain loan and security agreements. The Singaporean bank and other lenders had granted HKD 10bn ($1.3bn) of loan facilities to one of Shimao’s units,...
by Amruth Sundarkumar | Jul 4, 2022 | Distressed / Defaulted Bonds
Shimao Group defaulted on its principal and coupon of its $1bn 4.75% bonds that matured on Sunday as per its filing with the HKEX. The developer noted that it has been in discussions with creditors to reach a resolution. Shimao noted that it did not received any...
by Amruth Sundarkumar | Jun 30, 2022 | Distressed / Defaulted Bonds
Shimao Group has failed to fulfill its obligations to make a principal payment on its $400m zero-coupon bond that was due on June 14, according to the Credit Derivatives Determinations Committee. This default is the latest in a string of problems for the Chinese...
