Logan’s Restructuring Gets Boost Via $1 Billion Private Loan
- Chinese distressed developers Logan, KWG Group secure Loan
- Facility backed by Hong Kong luxury real estate project
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Distressed Chinese developer Logan Group Co. secured a $1 billion private loan for refinancing, people familiar with the matter said, a move that increases the chances for its restructuring to move forward.
The loan taken jointly with KWG Group Holdings Ltd. was arranged by JPMorgan Chase & Co. and signed late Saturday, according to the people who asked not to be named discussing private matters. The original HK$10.2 billion ($1.3 billion) facility was backed by the Hong Kong luxury real estate project, The Corniche, and was set to mature Aug. 25, according to data compiled by Bloomberg.