Shimao Group announced on July 26, 2024 that it has signed a revised agreement on creditor support and made some adjustments to its overseas debt restructuring plan. The revision aims to reflect changes that the company considers beneficial to participating creditors and will not have a significant adverse impact on their interests. The revision includes increasing the minimum cash interest payment, adjusting the redemption or repayment schedule, and strengthening the collateral and mortgage portfolio. The company has urged participating creditors to continue to support the proposed debt restructuring and has indicated that most of the planned creditors (including bill holders and bank lenders) have joined the revised creditor support agreement. The company will continue to maintain close contact with bank lenders and...Show More

Shimao Group announced on July 26, 2024 that it has signed a revised agreement on creditor support and made some adjustments to its overseas debt restructuring plan. The revision aims to reflect changes that the company considers beneficial to participating creditors and will not have a significant adverse impact on their interests. The revision includes increasing the minimum cash interest payment, adjusting the redemption or repayment schedule, and strengthening the collateral and mortgage portfolio. The company has urged participating creditors to continue to support the proposed debt restructuring and has indicated that most of the planned creditors (including bill holders and bank lenders) have joined the revised creditor support agreement. The company will continue to maintain close contact with bank lenders and has learned that several other banks are undergoing internal approval processes to join the agreement. The company has set August 30 and September 30, 2024 as the general consent fee deadlines and encourages all debt holders who have not yet joined the creditor support agreement to review and join the agreement as soon as possible.