Sunac China Issues Restructuring Plan 10 Months After Default

(Bloomberg) — Sunac China Holdings Ltd., once among the country’s five biggest developers, said it’s reached agreement with a group of key bondholders and laid out details of a debt-restructuring plan that includes the ability to receive equity.

The builder signed a restructuring support agreement with an ad hoc group of investors that hold more than 30% of Sunac’s outstanding offshore debt, it said in a Hong Kong stock exchange filing. The announcement came 10 months after the developer first defaulted on public dollar bonds. Sunac has more than $9 billion of unsecured offshore debt.