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Yuzhou reports on progress of noteholder accession to RSA
By Marisa Wong
Los Angeles, March 14 – China’s Yuzhou Group Holdings Co. Ltd. issued an update on Thursday on progress relating to the proposed restructuring of its offshore debt.
As of March 14, holders of about 84.69% of the aggregate outstanding principal amount of the company’s existing public notes and 84.51% of the aggregate outstanding principal amount of the company’s additional existing debt instruments have acceded to the restructuring support agreement.
As previously reported, as of March 7, holders of 73.6% of the existing public notes and 64.9% of the existing debt instruments had acceded to the RSA.
The company reminded noteholders on Thursday that the deadlines for acceding to the RSA are as follows: the early-bird fee deadline will be 4 a.m. ET on March 21, previously pushed back from 4 a.m. ET on March 7; and the general fee deadline will be 4 a.m. ET on March 28, previously extended from 4 a.m. ET on March 21.
Details of the restructuring support agreement were reported before.
Morrow Sodali is the information agent (https://projects.morrowsodali.com/Yuzhou; https://portal.morrowsodali.com/yuzhouRSA; https://portal.morrowsodali.com/yuzhouTRANSFER; +852 2319 4130 or +44 20 4513 6933; yuzhou@investor.morrowsodali.com).
The company’s financial advisers are Alvarez & Marsal Corporate Finance Ltd. (+852 3102 2600; ProjectYuzhou@alvarezandmarsal.com), BOCI Asia Ltd. (+852 3988 6302; Project.Reborn@bocigroup.com) and Haitong International Securities Co. Ltd. (+852 2840 1680; project.reborn@htisec.com).
The company’s legal adviser is Linklaters (+852 2842 4888; dlyuzhou@linklaters.com).
The ad hoc group has been advised by PJT Partners (+852 3427 6100; projectfisher@pjtpartners.com) and Kirkland & Ellis (+852 3761 9127; fisher@kirkland.com).
Yuzhou is a property developer based in Shanghai and Shenzhen, China.
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