XJ International (HKG:1765) said an overwhelming majority of bondholders approved its request to restructure previously issued debt, according to a Hong Kong bourse filing Friday.

The education services firm was looking to add an early redemption option to the $271.1 million worth of zero-coupon convertible bonds due 2026, as well as consent from bondholders to waive any defaults, breaches, or other claims, and demand for early repayment or conversion requests.

Bondholders representing nearly 96% of the debt voted in favor of the proposal at a meeting held on Thursday, the company said.

The changes are expected to come into effect on July 30, according to XJ International.

The company previously said the amendments were meant to address its near-term liquidity challenges and to help the firm proactively manage its debt repayment schedule with expected cash flows.

The company had warned that if the proposals failed, it may not be able to redeem the debt at the previously agreed rate of 105.11% of face value upon maturity in March 2026.