Sunac Unveils Plan to Restructure $9 Billion of Offshore Debt

The defaulted developer is still in discussions with an ad hoc group of creditors, and no definitive agreement has been reached. Photo: Bloomberg

The Chinese developer proposed converting as much as $4 billion into ordinary shares or equity-linked instruments

(Bloomberg) — Sunac China Holdings Ltd. unveiled a plan for restructuring its $9.1 billion in offshore debt, as the embattled developer tries to survive the nation’s unprecedented real estate crisis.

The company proposed to convert as much as $4 billion of debt into ordinary shares or equity-linked instruments, a Hong Kong Stock Exchange filing showed on Friday. The rest will be exchanged into new dollar-denominated public bonds with maturities ranging from two to eight years. Interest payments won’t be made in the first two years.