Logan (HKG:3380) could trim payouts to creditors based on a revised restructuring plan for its $8 billion offshore debt, Bloomberg News reported Friday, citing people familiar with the matter.
Allocations for cash payments to creditors will reduce to $100 million from $190 million in an earlier version of the restructuring plan, the report said.
The payout will stay at $15 for every $100 in principal but the smaller allocation would mean creditors would need to look for other payment options, according to Bloomberg, citing two sources.
A higher conversion price for mandatory convertible bonds from HK$3 for creditors is also being considered, the report said.
(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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