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Rongxinda Development (BVI) Ltd - Consent Solicitation - Extension & Amendment

GENERAL ANNOUNCEMENT:: SUPPLEMENTIAL CONSENT SOLICITATION STATEMENT - EXTENSION & AMENDMENT


Full announcement with dislocures and disclaimers is available via SGX Group


25 SEPTEMBER 2023


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GENERAL ANNOUNCEMENT:: LAUNCH ANNOUNCEMENT - CONSENT SOLICITATION - 9.5% SENIOR NOTES DUE 2023 (ISIN: XS2420457348; Common Code: 242045734) and 9.5% SENIOR NOTES DUE 2024 (ISIN: XS2420457421; Common Code: 242045742)


Full announcement with dislocures and disclaimers is available via SGX Group



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****PREVIOUS RISE SUN TRANSCTION BELOW****

 

荣盛房地产发展股份有限公司


News of Restructuring Talks with certain Holders




"Since the Announcements, the Company has been actively engaged in discussions with certain Holders holding a substantial amount of the Notes. Considering the increasingly challenging market conditions, the Company and such Holders have agreed to discuss, in a constructive and consensual manner, a potential restructuring plan (the “Restructuring”) of the offshore liabilities of the Group so as to manage the liquidity needs of the Group prior to the scheduled payments due in March 2023.


The Company expects that the Restructuring, if implemented, will restructure the Notes with the objective of long term sustainability aligned with the projected cash flow profile of the Group. Such cash flow is expected to be derived from a pool of specific onshore development projects (the “Projects”) of sufficient equity value for contracted sales in the ordinary course of business of the Group. It is expected that the valuation and cash flow projection of the Projects will be based on, among others, unsold resource value, construction status, delivery status, existing project-level debt and equity financing, and release of escrowed cash. The Company intends to provide periodic updates on key project-level statistics to enhance transparency and to put in place safeguards to ensure that the relevant cash flow from the Projects will be used to repay the Notes following the Restructuring."




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