Summary by Moomoo AI
Lung Kwong Group Limited (the “Company”) announced on 12 January 2024 that it has reached an agreement with the Creditors Group on Overseas Debt Restructuring and has signed a Creditor Support Agreement. The restructuring involved $66.49 million in foreign debt capital and $13.46 million in shareholder loans. The Company has proposed four restructuring options, including cash payments, priority notes and mandatory transferable debt, to reduce its debt burden and repair its capital structure. In addition, the Company's shares resumed trading on the Hong Kong Stock Exchange Limited on 15 January 2024. The Company has 188 property development projects in 35 cities in China and holds 25 investment property projects. During the overseas restructuring, the Group expects cumulative domestic sales to reach US$650 billion to US$750 billion, with total cash available to repay foreign debts estimated at US$40-47 billion.