Sunac Gets Vocal Support for Offshore Debt Restructuring Plan
- Ad-hoc offshore debtholders express backing of latest proposal
- Offshore unsecured debt could be extended by up to nine years
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Defaulted builder Sunac China Holdings Ltd. is preparing a restructuring support agreement for an ad-hoc group of major offshore debtholders to sign after they voiced support for the firm’s plan, according to people familiar with the matter.
The movement at China’s 11th-largest developer by 2022 contracted sales could provide a potential road map for peers, following a record year of missed payments and as some property firms haven’t released plans to address delinquent debt.