Logan Group (HKG:3380) proposed changes to its debt restructuring that it said would benefit its creditors and stakeholders, according to a Hong Kong bourse filing Wednesday.

The distressed Chinese property developer entered into an agreement with a group of creditors to establish asset trusts that would oversee its offshore and foreign-invested enterprise projects.

The company's offshore creditors could then swap their debt for trust units, capped at $933 million for the offshore project trust and $186 million for the trust overseeing foreign-invested enterprise projects.

A further amendment would also uncap the company's mandatory convertible bond option, giving creditors the ability to swap debt into bonds that can be converted into shares. The option was previously capped at $3.15 billion.

Creditors will be able to convert their bonds into shares of the company at HK$6 per share.

Meanwhile, the company said its cash offer remains unchanged and capped at $787 million.

Creditors acceding to the amended proposal will be eligible to receive a 0.125% fee on their principal up until Sept. 24.

The restructuring will proceed through a court-supervised scheme of arrangement.

Shares of the company were up over 1% in morning trade.