Logan Group Proposes Preliminary Onshore Restructuring Plan, to Extend Matured Bonds 45 Months to 2026, Current Bonds 54 Months to 2027

Logan Group has provided a preliminary restructuring plan for its onshore bonds, proposing to extend matured bonds for 45 months until 2026 and bonds that have yet to mature for 54 months until 2027, according to two sources familiar with the matter.

The plan is subject to changes pending negotiations with investors, the sources added.

For the matured bonds, Logan proposes to pay 50% of the interest accrued during the first extension year in May 2024, and another 50% in November 2024, while interest rates will remain unchanged.

The company plans to make quarterly principal payments during the 45-month extension period until the new maturity date in August 2026.

For bonds that are yet to mature, Logan plans to pay 50% of interest accrued during the first extension year in June 2024, and 50% in December 2024, with interest rates also remaining unchanged.

The company also plans to make quarterly principal payments during the 54-month extension period until the new maturity date in May 2027.

Logan declined to comment.

Logan’s capital structure is below: