builder by contracted sales last year, suspended dollar-bond payments in August. It disclosed during a January meeting with some creditors that it aimed to finalize changes to an offshore-debt restructuring proposal by mid-February, Bloomberg News previously reported. That goal was subsequently extended.
Logan’s latest restructuring proposals are preliminary and subject to change based on creditor feedback, according to the people familiar with the matter. The company didn’t immediately respond to an emailed request for comment. “Many issuers are taking creditor feedback quite seriously,” Sophia Xia, co-head of China restructuring at financial adviser Houlihan Lokey Inc., said during a January
hosted by S&P Global Ratings. “Meanwhile, it seems quite obvious that China’s supports are being mostly offered to the ‘quality developers.’ This provides incentives for developers to get serious about cleaning up their obligations.”