General Announcement::UPDATE ON THE OFFSHORE DEBT RESTRUCTURING

Issuer & Securities

Issuer/ Manager
MODERN LAND (CHINA) CO., LIMITED
Securities
MODLD US$203.797M12.85%N211025 - XS1986632716 - PITB
MODERNLANDUS$200M11.8%N220226 - XS2110675860 - YXYB
MODERNLANDUS$250M11.5%N221113 - XS2202152703 - X6MB
MODERNLANDUSD150M11.95%N240304 - XS2127478316 - RUKB
Stapled Security
No

Announcement Details

Announcement Title
General Announcement
Date &Time of Broadcast
30-Nov-2022 23:05:10
Status
New
Announcement Sub Title
UPDATE ON THE OFFSHORE DEBT RESTRUCTURING
Announcement Reference
SG221130OTHRW0CC
Submitted By (Co./ Ind. Name)
Modern Land (China) Co., Limited / Zhang Peng
Designation
Chairman, President and Executive Director
Description (Please provide a detailed description of the event in the box below)
References are made to the announcements of Modern Land (China) Co., Limited (the "Company") dated 25 February 2022, 21 March 2022, 24 March 2022, 1 June 2022, 30 June 2022, 6 July 2022, 29 July 2022, 5 August 2022, 12 August 2022, 26 August 2022, 9 September 2022, 23 September 2022, 7 October 2022, 14 October 2022, 4 November 2022, 11 November 2022, 18 November 2022 and 25 November 2022 in relation to, among other things, the Proposed Restructuring with respect to the Existing Notes (the "Announcements").

Unless the context requires otherwise, capitalized terms used herein shall have the same meanings as those defined in the Announcements and the explanatory statement relating to the scheme of arrangement under section 86 of the Cayman Islands Companies Act (2022 Revision) between the Company and the Scheme Creditors (the "Scheme").

The Company is hereby pleased to announce that the following Restructuring Effective Date Conditions have been satisfied in accordance with the terms of the Scheme:

(a) the RSA Fee has been paid by the Company on 30 November 2022 to those Consenting Creditors who are entitled to the same in accordance with the terms of the RSA by way of transfer to the Clearing Systems for further credit by the Clearing Systems to applicable participant cash accounts; and

(b) the AHG Work Fee and the AHG Legal Fees that the Company has agreed to pay on or before the Restructuring Effective Date and that have been duly invoiced to the Company have been paid by the Company on 30 November 2022.

The Company will continue to use its best endeavours to procure the fulfilment of the outstanding Restructuring Effective Date Conditions in accordance with the terms of the Scheme and the Announcements and complete the Restructuring. Further announcement(s) will be made by the Company to inform shareholders and other investors of the Company of any material developments in relation to the offshore debt restructuring under the Scheme, including without limitation the Restructuring Effective Date, as and when appropriate.

Attachments

Tenacity Announcement Update on the offshore debt restructuring SGX 1130.pdf
Total size =240K