SINO-OCEAN GP (03377): Progress on overseas debt restructuring

SINO-OCEAN GP (03377) has announced that the restructuring will be implemented through two parallel processes based on reciprocal conditions, namely (1) the restructuring plan implemented by the company under Part 26A of the Company Law ("UK Restructuring Plan") and (2) the agreement arrangements implemented by Far East Consortium (Hong Kong) under Sections 670, 673, and 674 of the Company Ordinance ("Hong Kong Agreement Arrangements"), taking into account the governing laws of the existing notes (i.e. English law) as well as the governing laws of the existing syndicated loans and existing bilateral loans (i.e. Hong Kong law). The UK Restructuring Plan will cover the relevant debts of the existing debt instruments, while the Hong Kong Agreement Arrangements will only cover the existing syndicated loans and existing bilateral loans (i.e. Group A debts). Notice of Hearing for UK Restructuring Plan The hearing for the UK Restructuring Plan ("UK Restructuring Plan Hearing") is scheduled to be held at the High Court of England and Wales ("English Court") on October 18, 2024 (specific time will be listed on the portal website maintained by the information agent (the link of which can be found on the trading website) and further announced), to seek a court order from the English Court to convene a meeting of creditors within the scope, to consider and potentially approve (whether revised or not) the UK Restructuring Plan. The Company has issued a practical statement letter on September 22, 2024 ("Practical Statement Letter"), which has been posted on the portal website and will be circulated to existing debt instrument holders through (1) the settlement system for holders of existing notes, and (2) by email to existing loan agents for existing syndicated loans and existing bilateral loans, further circulating to creditors within the scope of such loans. If creditors encounter any issues when obtaining a copy of the Practical Statement Letter, please contact the information agent. Notice of Hearing for Hong Kong Agreement Arrangements The hearing for the Hong Kong Agreement Arrangements ("Hong Kong Agreement Arrangements Hearing") is scheduled to be held at the High Court of Hong Kong ("Hong Kong Court") at 10:00 am on October 31, 2024 (Hong Kong time), to seek a court order from the Hong Kong Court to convene a meeting of creditors of Group A debts, to consider and potentially approve (whether revised or not) the Hong Kong Agreement Arrangements.