The interest on the existing senior notes will be paid in two installments, and 50% of the accrued interest must be paid on the settlement date; The other 50% interest must be paid within 6 months from the settlement date.
Regarding the exchange offer, Dexin China said that the limited resources of the company give priority to "ensuring delivery and quality". Since the beginning of this year (as of 165438+ 10/0), Dexin China has delivered 24 batches, exceeding 20,000 sets, and delivered 100% on schedule.
Dexin China said that the priority bill exchange offer is an arrangement made by Dexin China to cope with short-term liquidity restrictions under the big goal of ensuring the delivery of pre-sale houses and the normal operation of enterprises. Trading time for space will enable the company to continue to operate and protect the rights and interests of all stakeholders including customers, employees and creditors to the greatest extent.
The ad hoc group said that any agreement arrangement may prevent the exchange of offers and bills.
Gao said that the ad hoc group holds far more than 25% of the bills, which can prevent any arrangement of exchanging offers and bills.
According to the conditions given by Dexin China, if the exchange offer fails and there are enough holders to support it (more than 50% in number or more than 75% in value), Dexin can apply for an agreement to arrange reorganization, which usually takes at least 3-6 months. Gao said that the above conditions could not be met because the support rate of the ad hoc group far exceeded 25%.
Regarding why the exchange offer is not supported, Gao said that the terms of the exchange offer are not the best conditions that Dexin can provide and impose significant restrictions on the holders. The law firm listed at least five reasons. The first is that Dexin Fund is used to purchase land, not to repay bonds.
The second is that the Reorganization Support Agreement restricts the freedom of creditors until September 29, 2023 at the latest. Even if the exchange of offers fails, the restrictions on freedom are still binding. The reorganization support agreement binds the holder to support the agreement arrangement at the same time, and the holder promises to "vote for the agreement arrangement"; The reorganization support agreement prohibits the disposal of existing bills, and the holder promises not to "sell, transfer or otherwise dispose of existing bills" unless the buyer also agrees to sign the reorganization support agreement; The restructuring support agreement expires on September 29, 2023 at the latest.
The new bill raises the threshold for cross-default. The default clause under the new bill excludes some cross-default and judgment default events directly or indirectly caused by any default or default event under the existing bill, and changes the threshold for triggering cross-default and judgment default from $6,543,800+million (or equivalent USD) under the existing bill to $30 million (or equivalent USD) under the new bill. In addition, the event of default clause under the new instrument also excludes any involuntary cases or procedures initiated under the existing instrument under any applicable bankruptcy, insolvency or other similar laws.
Only 75% of new bill holders can modify the terms, while 100% of existing bill holders can make minor changes to the main terms. The main provisions under the new bill include extending the maturity date, reducing the payment of principal and interest, giving up the payment of breach of contract, canceling the guarantor, hindering the right to file a lawsuit, and modifying and further modifying the required holder support rate.
Gao also listed some other clauses, such as: "Some initial investors, including our affiliated companies, may have more new bills, so they can exercise certain rights on behalf of all new bill holders".
Existing bills may be redeemed first. According to the terms, the holder of the existing bill can pay in full before the new bill expires. In this case, if the new bill holder subsequently faces bankruptcy or similar procedures, he may not get the full payment (or get any payment).
On the conference call, Gao told me that the task force intends to, with the consent of both parties; Or, if necessary, strive for more reasonable and better commercial conditions for the ad hoc group without mutual consent.
(This article is from a paper. For more original information, please download the "Paper" APP.)
Thousands of American millionaires will leave, or the US debt will be detonated, and China buyers will leave the US property market ahead of schedule.
BWC Chinese network
Jianfa shares: it is planned to issue renewable corporate bonds to raise no more than 654.38+0.5 billion yuan.
Interface news
How to buy national debt reverse repurchase before New Year's Day is more cost-effective? Grasp the time point of three days a week
Cai Xi. com
See more hot information