KWG Group Holdings Limited said today (23 February 2026) it has reached an agreement in principle with an ad hoc group of offshore creditors on key terms of a holistic offshore debt restructuring proposal, with the group collectively holding or controlling over 25.8% of in-scope debts. The company plans to implement the restructuring primarily through a Hong Kong scheme of arrangement and outlined two creditor options involving a mix of cash, zero-coupon exchangeable notes linked to its Ap Lei Chau project, and zero-coupon mandatory convertible bonds convertible into new shares at HK$1.55, alongside a rights issue and up to US$10 million of new money support from the chairman and/or family members. KWG cautioned that definitive terms and documentation are still being negotiated and no legally binding agreement has been signed.

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