Logan Group has hired Kroll (Hong Kong) as co-financial adviser, to work together with previously appointed Haitong International to communicate with creditors.
The Chinese property developer said in a filing to the Hong Kong stock exchange on Tuesday that it has also appointed Kroll Hong Kong's head of Asia Pacific and offshore structuring Cosimo Borrelli as chief restructuring officer to come up with a holistic debt extension plan.
Logan said it has completed an independent business review and has communicated with creditors with its operations and financial status as part of the restructuring progress. No further updates were provided.
Logan suspended interest payments on five US dollar bonds in August. They were a US$400m 6.5% July 2023, a US$300m 5.75% January 2025, a US$300m 4.25% July 2025, a US$300m 4.7% July 2026 and a US$300m 4.5% January 2028.
In November, trustee Citicorp International filed a winding-up petition against Logan and its two wholly-owned subsidiaries in connection with the 5.75% 2025 bond. Logan said at that time the petition did not represent the interests of other stakeholders and that it would seek legal measures to oppose it.
The company's 2023 bond was trading at a cash price of 18 on Tuesday afternoon, while its other US dollar bonds were trading in the high teens.