Under the swap plan, the company has offered to issue up to US$1.8 billion of perpetuals
[HONG KONG] Hong Kong developer New World Development, the poster child of the city’s distressed property sector, received additional bondholders support in its debt swap plan as the second early bird deadline closed, a filing showed.
Investors tendered a total of US$185 million of its perpetual bonds and US$39.5 million regular notes during the second early deadline of Nov 25.
Stung by a property slump in Hong Kong and mainland China, New World has been struggling with its debt. The swap is the company’s latest move to ease liquidity stress stemming from the years-long downturn. The company completed a record US$11 billion loan deal in June and…