Sunac China (HKG:1918) secured approval from some bondholders to restructure its debt by more than half, Reuters reported Tuesday, citing a source with direct knowledge of the matter.
Two of the ten offshore bonds obtained support from bondholders, the report said.
Sunac will move the deadline for voting on the rest of the bonds to Dec. 23, Reuters said.
The offer, if approved, will slash Sunac's outstanding onshore debt of 15.4 billion yuan by half, the report said.
Sunac did not immediately respond to a request for comment from MT Newswires.
(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)
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