Tus-Holdings Co., the Chinese technology park operator previously affiliated with Tsinghua University, may miss its scheduled payment under a debt restructuring plan, according to sources familiar with the situation. The company was due to make the payment on Monday, which includes a consent fee to compensate creditors for accepting the debt reorganization, as well as some principal payments. However, final decisions on the payment have not yet been confirmed.
Tus-Holdings had previously delayed the settlement date of its restructuring deal from July to August 26, 2024. The potential delay in the current payment raises concerns about the financial backing from the company’s new state-supported shareholders, who were introduced before or after its initial default in 2021.
The ongoing restructuring involves two dollar-denominated bonds with a total outstanding value of approximately $900 million. The proposed restructuring plan includes raising upfront cash payments for maturity extensions and offering a higher price for partial repayments. The company’s representative has not yet responded to inquiries from Bloomberg News regarding the payment delay.
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