Corrects city name in headline
July 10 (Reuters) - Shenzhen-based developer Logan Group 3380.HK said on Thursday it has secured full bondholder approval for a sweeping debt restructuring, covering 21 onshore corporate bonds and asset-backed securities issued by its unit, Shenzhen Logan Holdings.
The restructuring will adjust repayment for both principal and interest on the bonds, with four options offered to the bondholders – full conversion into designated assets, asset-for-debt swaps, cash repurchase, or equity economic rights.
Logan said it will now arrange for bondholders to select their preferred restructuring options and receive allocations based on their holdings, following provisions outlined in the bondholder meeting resolutions.
The approval marks a significant step for the embattled developer as China's property sector continues to grapple with a prolonged liquidity crisis that has forced numerous firms to restructure billions in debt.
The Hong Kong-listed real estate firm will now move to implement the chosen restructuring options, with bondholders expected to make their selections, it said in a statement.
(Reporting by Roushni Nair in Bengaluru; Editing by Mohammed Safi Shamsi and Shailesh Kuber)
((Roushni.Nair@thomsonreuters.com;))
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