said on Monday it has reached agreement with a key group of bondholders on a plan to restructure its offshore debt.
Shanghai-based CIFI defaulted on payments tied to a convertible bond in October, 2022, and has been working with its creditors for repayment solutions since. Under the debt restructuring proposal, creditors will have the option to receive cash, with at least an 85% haircut, or a mixture of new notes, new loans, and the company's shares, with smaller or no haircuts, while CIFI intends to cut its offshore debt by around $3.3 billion to $4 billion.
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