Yiju Enterprise Holdings (02048) issued an announcement. In view of the termination of the previous plan, the company plans to become an old note holder and convertible...
According to the Zhitong Finance App, Yiju Enterprise Holdings (02048) issued an announcement. In view of the termination of the previous plan, the company plans to propose a new plan to old note holders and convertible note holders. If each new plan is approved by the relevant court and comes into effect, on the effective date of the restructuring, the company will (among others) pay compensation to participating plan creditors, including a cash payment of $90 for every 1,000 US dollars (or HKD equivalent) claims held by each plan creditor at the record time, subject to certain conditions and restrictions.
As far as the new plan is concerned, the company will promptly enter into a restructuring support agreement to seek support from old note holders and convertible bondholders. If the new restructuring is completed under the Cayman Plan and the Hong Kong Plan in accordance with the relevant restructuring support agreement, the company intends to pay restructuring guidance fees to the old note holders and convertible bondholders (as the case may be). The total amount is equal to (or at the Company's sole discretion, any amount greater than) 0.50% (as the case may be) of the total principal amount of the old notes or convertible notes (as the case may be), subject to certain conditions and restrictions. The company has discussed with the convertible bondholders, and the convertible bondholders have confirmed that they support the new restructuring in principle.