BEIJING : Shenzhen-based property developer Logan Group is planning to swap its $3.4 billion dollar bonds with new seven-year notes to extend the repayments, three sources with knowledge of the matter told Reuters.
One of the sources said the firm has proposed no haircut to bondholders in an offshore debt restructuring framework, and said it would use more than $100 million to repurchase the new bonds.
Logan declined to comment.
Many Chinese developers, hit by slowing sales and a cash squeeze since the middle of 2021, have defaulted on their offshore debt, with some now scrambling to enter into restructuring agreements with their creditors.
Logan started restructuring its offshore debt last summer after it missed some payments. It extended payment times on 12 onshore bonds last year.