LVGEM China Signs Restructuring Pact With Offshore Creditors
MT Newswires Live
Oct 05
LVGEM (China) Real Estate Investment (HKG:0095) has entered into a restructuring support agreement with key offshore creditors, according to a Monday filing with the Hong Kong bourse.
The agreement, signed Sept. 30, sets out the principal terms of the proposed restructuring, which the company plans to implement through a scheme of arrangement subject to required approvals.
Creditors can choose among short-term notes, long-term notes, or full conversion of their claims into equity.
Under the equity option, creditors would convert 100% of their principal claims into shares, while accrued and unpaid interest would be waived.
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