Powerlong Real Estate Holdings (HKG:1238) plans to issue mandatory convertible bonds worth up to $558.2 million as part of its restructuring efforts, according to a Tuesday filing on the Singapore Exchange.

The bonds will convert to HK$3.35 per share, above recent trading levels. Approximately 89% of participating creditors have agreed to the revised restructuring support agreement, with scheme meetings scheduled for November.

The restructuring depends on court sanctions and associated fees, targeting completion within ten business days of meeting all conditions.