Sino-Ocean Group details restructuring efforts

Sino-Ocean Group Holding Limited has announced its onshore debt restructuring plan, aiming to provide an overall restructuring to holders of certain onshore corporate bonds and interbank directed debt financing instruments. Starting August 1, 2025, the plan will adjust repayment arrangements and offer settlement options, including cash repurchase, equity income rights, and debt settlement with assets. Trading of seven onshore corporate bonds was suspended from August 15, 2025, on The Shanghai Stock Exchange.

The group's offshore debt restructuring became effective on March 27, 2025, with offshore creditors discharging approximately $6.38 bn in existing debts and bank borrowings. This was in exchange for new loans, notes, mandatory convertible bonds, and/or perpetual securities.

Further efforts include asset disposal, such as the sale of 23% equity interests in an associate for approximately RMB322m on April 11, 2025. Approximately RMB235m of this consideration was settled by offsetting an outstanding loan, with the remaining RMB86.9m paid in cash. The group continues to discuss with lenders to renew borrowings, resolve litigations, maintain business relationships with suppliers, accelerate property sales, and control administrative costs to preserve liquidity.