Sino-Ocean bondholders submit counter restructuring proposal to London court

The ad hoc bondholder group of state-backed Sino-Ocean Group has submitted an alternative offshore debt restructuring proposal to a London court in an intensifying battle between creditors and the company, according to a source and documents seen by Reuters. The group, which holds more than 25% of the Chinese property developer's offshore notes, has been strongly opposing the company's proposal since its announcement in July contending that it divides creditors into four classes and gives preferential treatment to major shareholder state-owned China Life, which is also holding some of the company debt. Sino-Ocean has started a parallel scheme process in Hong Kong and the UK to pass a plan to restructure its $5.64 billion offshore debt.

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