Landsea Green Management (HKG:0106) is seeking consent from holders of its 10.75% senior notes, due in 2024, to amend key terms and waive some conditions as it may miss interest payments and upcoming debt maturities due to financial difficulties, according to a Monday filing with the Hong Kong bourse.
There is an outstanding amount of US$94.5 million on the notes, and the company seeks to extend the maturity of the bonds, lower the interest rate, and repay in installments to improve liquidity and cash flow.
The consent solicitation process began on Sept. 30 and will conclude on Oct. 18 with at least 75% approval from the bondholders needed for the amendments to take effect. If successful, the amended terms will become binding on all bondholders by Oct. 23.
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