Winding up petitions filed against property developer Logan Group have been dismissed, the company announced in a stock exchange filing on Friday.
The high court of Hong Kong and the grand court of the Cayman Islands both ordered the filed petitions in their respective jurisdictions to be dismissed, following an agreement between Logan and a key offshore bondholder group.
Logan had unveiled a restructuring plan in January that offers four options to offshore investors, including an exchange to priority notes, mandatory convertible bonds and ordinary bonds. The company's 12 US dollar-denominated offshore notes with an outstanding principal amount totalling US$6.6bn are included in the plan, which also includes certain loans and equity-linked securities.
In January it also appointed Alvarez & Marsal Corporate Finance as a co-financial adviser for its offshore debt restructuring. The firm joined Kroll (Hong Kong) and Haitong International Securities which had previously been appointed to work on the restructuring.
PJT Partners (HK) and Freshfields Bruckhaus Deringer are the financial adviser and legal adviser to an ad hoc group of bondholders.