Vanke Dollar Bondholders Seek Bigger Role as Debt Talks Loom

Some China Vanke Co. dollar bondholders are urging the distressed builder to consider options such as debt-to-equity swaps, as they seek to avoid getting sidelined in what would be one of the country’s largest-ever restructurings.

Debt advisory firm PJT Partners, on behalf of creditors holding 15% of Vanke’s dollar bonds, sent a letter with the proposals to the company on Thursday, according to people familiar with the matter. That marks one of the first formal requests from any investors in Vanke’s $1.3 billion of outstanding dollar notes, though more holders would need to get on board to increase their clout in any negotiations.