Summary by Futu AI
Sino-Ocean Group Holdings Limited ("Sino-Ocean Group") announced the progress of its overseas debt restructuring, which will be implemented through two parallel processes: the UK restructuring plan and the Hong Kong scheme of arrangement. The UK restructuring plan will cover all existing debt instruments and related claims, while the Hong Kong scheme of arrangement will only involve existing syndicated loans and existing bilateral loans. The UK restructuring plan hearing will be held on October 18, 2024, in the High Court of England and Wales, while the Hong Kong scheme of arrangement hearing is scheduled for October 31, 2024, in the High Court of Hong Kong. In addition, Sino-Ocean Group has responded to feedback from creditors by amending the terms of the restructuring support agreement to consolidate nine tranches of new notes into one, in order to enhance the tradability and liquidity of the new notes. The company will continue to make further announcements on the progress of the restructuring and remind shareholders and potential investors to exercise caution when trading.