Logan Group amends restructuring, upsizes MCB option, adds asset trust choices

Logan Group has updated its Holistic Restructuring Proposal, including amendments to the Holistic CSA and Term Sheet. Key changes introduce 'Asset Trust' options (Option 2A for Offshore Project and Option 2B for FIE Assets), allowing offshore creditors to swap debt for trust units, potentially increasing their recovery. The Offshore Project Asset Trust has a cap of $933 million, with each $100 principal amount of Offshore Debt exchanged for 29.5 units and $0.5 upfront cash. The FIE Asset Trusts have a cap of $186 million, exchanging $100 principal for 49.5 units and $0.5 upfront cash.

Additionally, the MCB Option (Option 3) has been upsized and made uncapped, enabling more offshore creditors to convert their MCBs into shares. The weighted average Effective Conversion Price for MCBs remains HK$6.00 per share. The Option 1 cash offer of $15 per $100 principal amount of Offshore Debt remains unchanged, with a cap of $787 million.

The company aims to implement the amended Holistic Restructuring Proposal through a Scheme, which will fully resolve offshore indebtedness and establish a stable capital structure. Consenting creditors are urged to remain supportive, and other offshore creditors are invited to accede to the Amended Holistic CSA by the Early Bird CSA Fee Deadline of 5:00 p.m. Hong Kong time on September 24, 2025.