Shimao and its advisers are actively engaged in discussions with creditors about its offshore debt restructuring proposal. The company has also extended the deadline for the early consent fee, an incentive for creditors to support the restructuring, to July 31.

The source reported that Shimao had improved the terms of its $11.5 billion offshore debt restructuring plan to gain creditor support and fend off the liquidation petition.

(Source: ET & Reuters)