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Zhongliang Holdings announced the preliminary terms of its restructuring plan where it plans to offer offshore unsecured creditors an exchange of their debt for either of the following:
The restructuring will also include a cash interest reduction and a grace period, of less than 12 months for payment-in-kind (Term of the Day, explained below). This will allow Zhongliang to restore operations and improve liquidity. Zhongliang is also considering using its onshore excess cashflow to fund the incentive fee to be paid to bondholders who agree to the restructuring terms. No further details were available at the time of the announcement.
Zhongliang’s dollar bonds were trading stable at 16 cents on the dollar.