Logan Group Proposes Restructuring $8 Bn Offshore Debt

07 Jan 2025 CW Team

Hong Kong-based developer Logan Group announced that it had proposed a restructuring plan for the majority of its approximately $8.01 billion in offshore debt, which includes offering mandatory convertible bonds (MCBs) to its offshore creditors.

The company aims to restructure $7.56 billion of its total offshore debt, while also seeking to alleviate an additional $476 million of offshore debt under separate financing instruments.

In August, Logan Group had secured a loan of HK$8.2 billion to refinance part of this outstanding debt as it struggled to recover from the property sector collapse of 2021.

According to the restructuring proposal for the larger portion of the debt, offshore creditors would have the option to convert the debt into cash, mandatory convertible bonds (MCBs), long-term notes, or a combination of MCBs and short-term notes. After failing to make repayments since August 2022, Logan Group stated that the proposal was designed to ease the company’s debt burden and restore its capital structure.

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