KWG Group (HKG:1813) is working with its financial adviser Alvarez & Marsal and its legal adviser Sidley Austin to restructure $4.5 billion in offshore debt, including senior notes and loans, according to a Friday filing on the Singapore Exchange.
An ad hoc group holding 24% of the senior notes is negotiating terms.
The plan involves new USD notes or convertible bonds, a cash sweep from project proceeds, and securing new notes with offshore units. KWG may execute the restructuring through a Hong Kong or other jurisdiction scheme of arrangement.
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