Longfor Group (03380) launches a debt restructuring plan and signs a support agreement with a group of creditors, achieving a significant milestone in the overall restructuring process.

On January 10th, LOGAN GROUP (03380) announced the latest progress of the overseas comprehensive debt restructuring. The company has reached an agreement with the existing bondholders' group on the comprehensive restructuring plan and signed a bondholder support agreement ("Comprehensive CSA") dated January 8, 2025. This represents a major milestone in Logan's overseas comprehensive debt restructuring, making significant progress that will accelerate the signing of the CSA by other creditors and facilitate the timely completion of the overseas comprehensive debt restructuring. On January 6th, Logan announced that the company had extensive discussions with overseas creditors on the comprehensive restructuring plan. Agreements have been reached with several overseas creditors on the terms of the comprehensive restructuring plan for the overseas debts, with the aim of safeguarding the interests of all stakeholders while meeting the current business and operational realities faced by the company. Logan's restructuring plan offers a combination of cash acquisitions, short-term notes, mandatory convertible bonds, and long-term notes, allowing creditors to choose according to their preferences and needs. During the discussions, many creditors have clearly expressed support for Logan's debt restructuring plan. The announcement stated that the Comprehensive CSA is the basis for implementing the comprehensive restructuring plan, and overseas creditors supporting the plan can now join as "consenting creditors" in the Comprehensive CSA. Overseas debt holders are cordially invited to review the content of the Comprehensive CSA and promptly contact the information agent to join as additional consenting creditors. To encourage creditor participation in the restructuring, Logan has set up early bird consent fees and general consent fees to incentivize creditors to sign the support agreement early. The deadline for the early bird consent fee is 5:00 PM on January 27, 2025. The comprehensive restructuring plan aims to ease the company's debt burden, restore its capital structure, facilitate the normal operation of its internal production and operations, thereby unlocking the potential value of its assets and protecting the interests of stakeholders. Once the restructuring is successful, it will have a positive impact on the company's future operations, project development, and delivery commitments, truly safeguarding the long-term interests of all creditors and investors. Since facing periodic liquidity pressures, Logan has been actively responding to challenges by accelerating sales receipts, reducing operating expenses, and taking other measures to ensure stable operations and delivery commitments. In 2024, the company overcame significant pressure to fulfill delivery commitments and completed a total of 28,000 units delivered throughout the year, demonstrating its responsibility and commitment as a company.