China Builder CIFI Wins Creditor Approval for Local Debt Revamp

CIFI Holdings Group Co. received creditors’ support for reorganizing about 10.1 billion yuan ($1.4 billion) of onshore debt, becoming the latest defaulted Chinese developer to make a breakthrough in a typically protracted process.

Restructuring plans for all of CIFI’s onshore exchange-traded bonds have been approved, the developer said in a Monday filing to the Shanghai Stock Exchange. That suggests it has secured backing from the holders of a 5.5% yuan note, the last of the seven outstanding bonds included in its local debt overhaul.