Yango Group has made progress on extending the maturity of its dollar bonds to avoid a default. The company also extended the deadline for its exchange offers and consent solicitations to November 17 from November 12. Yango had launched an exchange offer and consent solicitation in the beginning of the month. Yango said that the minimum acceptance amount for its $200mn 5.3% bonds due January 2022 and $300mn 10.25% bonds due March 2022 have been satisfied, while that for its $247mn 10% bonds due February 2023 was waived under the exchange offers with exit consents. It added that requisite consents to amend the cross-default terms of five other dollar bonds maturing between 2023 and 2025 were obtained. The developer said that it will accept all validly tendered notes under the exchange offer before the second extended deadline.

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