Sunac China (HKG:1918) is negotiating with major creditors to convert all of its offshore bonds into equity as it faces liquidity challenges, Bloomberg News reported Tuesday, citing people familiar with the matter.
Among the options being discussed are mandatory convertible bonds with different conversion periods, which would be converted to shares, the report said.
Once the conversions of the bonds are completed, Sunac China would be the first to implement a conversion of its offshore bonds into equity, Bloomberg said.
Sunac China did not immediately respond to a request for comment from MT Newswires.
Shares in the developer jumped 2% during late morning trading Wednesday.
(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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