Huaxia Happiness said that the High Court of England and Wales held a ruling hearing at 2:30 pm on June 23, 65438+ UK time, and the court ruled that Huaxia Happiness's overseas debt arrangement was reorganized and came into effect. Huaxia Happiness obtained a written ruling issued by a British court on June 24, 2023, and completed its registration in the British Companies Registry on the same day. The company's agreement came into effect, and the reorganization and delivery are expected to be completed on June 65, 438 +20231October 36.
It is reported that Huaxia Happiness's overseas bond restructuring plan is formulated in combination with the company's debt restructuring plan and supplementary plan. All overseas bonds are extended for 8 years, with interest of 2.5%, and the proceeds are paid off with the principal. In addition, according to their own needs, on the basis of enjoying 30% cash payment and 65,438+06.7% trust beneficial right to pay off debts, creditors can independently choose a certain proportion of the remaining 53.3% debts and the equity of "Happiness Select" platform to pay off debts by shares, so as to determine the most suitable repayment plan for their own situation.
Huaxia Happiness said that the court ruling is the most important legal basis for the success of the company's overseas bond restructuring. The ruling is mandatory for the creditors who hold all the $4.96 billion overseas bonds, which completely solves all the overseas financial debt risks of Huaxia Happiness and officially marks the adoption of the restructuring plan of Huaxia Happiness's overseas bonds. Huaxia Happiness overseas bond restructuring is the biggest successful case of overseas agreement restructuring of Chinese enterprises in recent years, and it is also the only successful case of debt-to-equity swap.
On June 65438+1October16th, UK time, Huaxia Happiness announced that the company organized a meeting of overseas dollar bondholders, and the chairman of the meeting approved by the British court witnessed and counted the voting results of creditors on the restructuring plan of the dollar bond agreement. At present, the total amount of US dollar bonds issued by CFLD (CFLD) Investment Co., Ltd. overseas is US$ 4.96 billion. According to statistics, * * * creditors with a face value of $4.674 billion participated in the voting, among which 97.9% of the creditors voted in favor.
By June 5438+February 3, 20221day, the total financial debt contracted to realize debt restructuring in the debt restructuring plan was192 billion yuan, and the corresponding debt interest reduction amount was133.75 million yuan. It is preliminarily estimated that after the completion of dollar debt restructuring, the amount of Huaxia Happiness Financial Debt Restructuring will exceed 654.38+07 billion yuan, accounting for nearly 80% of all financial debt restructuring. In addition, as of June 3438+February 3, 20221day, creditors have chosen to use the equity of "Happiness Select Platform" to offset their financial debts of 2.465 billion yuan and their operating debts of 2.553 billion yuan. The aforesaid creditors can obtain 7.87% equity of "Happiness Optimization Platform" through * * "Happiness Optimization".