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CIFI HOLD GP's Offshore Debt Restructuring Gains Majority Creditor Support, Expected to Cut USD5.27B in Debt
CIFI HOLD GP (00884.HK) announced that it obtained the required statutory majority support from creditors for its offshore debt restructuring scheme at the meeting held yesterday (...
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CIFI HOLD GP's Offshore Debt Restructuring Gains Majority Creditor Support, Expected to Cut USD5.27B in Debt
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CIFI HOLD GP (00884.HK)  -0.015 (-5.882%)   announced that it obtained the required statutory majority support from creditors for its offshore debt restructuring scheme at the meeting held yesterday (3rd).

A total of 1,250 scheme creditors holding voting scheme claims in the aggregate amount of USD7.933 billion attended the meeting. Among them, 1,236 creditors holding voting scheme claims in the aggregate amount of USD7.351 billion voted in favor, representing around 92.66% of the total value of the voting scheme claims voting at the meeting.

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It is anticipated that, taking into account the significant amount of the voting scheme claims to be canceled or to be converted into mandatory convertible bonds and then converted into shares, the group's offshore debt obligations will decrease by an aggregate amount of about USD5.27 billion, around 66% of the aggregate amount of the voting scheme claims as a result of the proposed restructuring.
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