Modern Land’s Debt-Restructuring Plan Likely to Proceed: Lucror

Published 28 February 2022, 08:29:44.881 GMT

(Bloomberg) -- Chinese developer Modern Land’s debt-restructuring proposal “appears to be fair” and most bondholders are expected to accept it, says Lucror Analytics.

* The offer doesn’t include a haircut for investors, staggers principal repayment over five years and owners of 37% of the dollar bonds have already given their consent, wrote analysts including Shu Hui Woon

* The proposal also “provides a glimmer” for those holding debt of fellow defaulted developers

* Some Modern Land bonds were on pace for their biggest gains of 2022 in the wake of the restructuring proposal

By Alice Huang