Logan Group (HKG:3380) has received strong support from offshore creditors for its restructuring plans, a Monday bourse filing said.
Creditors holding over 66% of the firm's $6.21 billion offshore debt agreed to the restructuring proposal within two weeks of entering into a creditor support agreement.
Creditors owning an additional 12% of the offshore debt have also expressed interest subject to internal approval.
The property developer will apply to the Hong Kong High Court for approval to convene a meeting of scheme creditors to expedite the restructuring.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.