Sino-Ocean Group (HKG:3377) won a UK court's approval for its proposed debt restructuring, which would restructure the troubled property developer's debt worth $6 billion, the South China Morning Post reported Tuesday.
The company wants to repay its debt through the issuance of long-term bonds amounting to $2.2 billion and new mandatory convertible notes combined with perpetual securities, the report said.
The plan is expected to prevail in a Hong Kong liquidation lawsuit after the win, despite opposition from a group of creditors, the report said.
The company's shares closed less than 7% lower.
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