China SCE amends debt restructuring agreement, extends longstop date

China SCE Group Holdings Limited announced an amendment to its restructuring support agreement (RSA) on November 20, 2025. Key changes include granting the "Bank Group" rights similar to the Ad Hoc Group regarding amendments and waivers, providing disclaimers and liability limitations for the Bank Group, and extending the longstop date to July 31, 2026, with a potential extension to October 31, 2026.

As of the announcement date, scheme creditors holding approximately 78% of the aggregate outstanding principal amount of the in-scope debt have acceded to the amended and restated RSA. The company has also applied to the Hong Kong High Court to convene a meeting of creditors for the scheme, with the scheme convening hearing scheduled for 10:00 a.m. (Hong Kong time) on March 24, 2026.

The restructuring consideration offers three options for scheme creditors, including cash, new short-term notes, mandatory convertible bonds, new medium-term notes, and new long-term notes. The aggregate amount for option 1 claims is capped at $560m, and option 3 claims at $250m, with any excess allocated to option 2 claims. Early and base consent fees are set at 0.15% and 0.05% respectively, of the eligible consenting debt.