(Reuters) – Chinese property developer Sino-Ocean Group said on Tuesday its restructuring plan was being implemented in an orderly manner and expects to generate $2.8 billion in cash over the next decade to repay its new financing instruments.
In July, the state-backed company had reached an agreement with some of its creditors to restructure its $5.64 billion offshore debt, stating that it would repay existing debt with new loans and notes worth $2, 2 billion, convertible bonds or interest-bearing perpetual securities.
Sino-Ocean was faced with a liquidation petition filed by the Bank of New York Mellon (NYSE:) in a Hong Kong court in late June, the hearing of which is currently postponed until December 23.
