Logan Revises Restructuring Terms, Cuts Cap for Cash Payouts
- Builder says it has reached agreement with some creditors
- Defaulted developer has about $8 billion in offshore debt
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Defaulted Chinese developer Logan Group Co. unveiled a revised term sheet for its $8 billion offshore debt restructuring, reducing the amount of debt eligible for cash payouts for creditors.
In the updated plan, holders of existing offshore notes are being offered four options, including receiving $15 cash for every $100 of bond principal with accrued interest waived, according to a Monday filing with Hong Kong’s stock exchange.