According to the news from Zhito Finance APP, gw tiandi (01232) announced that on November 21, 2024, it has signed a restructuring support agreement with initial participating creditors and news agents. According to the proposed restructuring, new notes and new shares will be issued to the planned creditors.

The proposed restructuring has received strong support from initial participating creditors. According to the currently available information, as of the date of this announcement, initial participating creditors who hold or control a total of approximately 59.1% of the outstanding principal amount of existing debt instruments have formally signed the restructuring support agreement and are bound by its terms.

The company will continue to cooperate with the creditor group and its advisors on the detailed arrangements for implementing the proposed restructuring, and actively contact other creditors to promote the proposed restructuring.

The proposed restructuring covers existing debt instruments, including existing notes and existing loans, with an outstanding principal amount of approximately $0.507 billion as of the date of this announcement.

The total principal amount of the new notes will be equivalent to the principal amount of the existing debt instruments held by the planned creditors at the record date. The new shares (i.e., newly issued ordinary shares of the company) will be proportionally distributed to the planned creditors based on all accrued and unpaid interest (excluding any default or penalty interest) on such existing debt instruments held by the planned creditors until June 30, 2024 (excluding that date). Based on the fully diluted basis, the new shares will collectively represent approximately 14.5% of the company's total issued ordinary shares.