Chinese Builder CIFI Lays Out Plans for Offshore Debt Revamp
- Firm sees no haircut, seven-year limit on maturity extension
- Company missed offshore payment in October after state help
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Chinese builder CIFI Holdings Group Co. set out some key preliminary terms for its offshore debt restructuring plan, one of the first major steps to revamp its borrowings after it missed a payment in October.
The defaulter expects no haircut, meaning creditors will not be required to reduce their principal. Meanwhile, the debt maturity will be extended to no more than seven years from the date when the restructuring plan is implemented, according to an exchange filing on Friday.