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4月11日,碧桂园发布了一则重大公告,公布了公司债务重组的重大进程及邀请加入重组支持协议。

公告显示,碧桂园已经与专案小组商定好了重组建议的主要条款,这些其占现有债券债务本金总额的29.9%,并且专案小组的成员已经悉数签署了重组支持协议。

公告披露,建议重组的范围包括现有债务的范畴,整体未偿还本金总额约为140.74亿美元,连同与该未偿还本金相关的所有应计未支付利息(包括违约利息)。建议重组将涉及(其中包括)注销现有债务,而作为回报,债权人取得在五个计划对价选项中作出选择的权利。

此外,现有银团贷款的持有人将有权按比例分占担保补偿金额1.78亿美元,当中一部分将于重组生效日期以现金支付:及余额将于重组生效日期后以贷款形式分期支付。

公告还提到,碧桂园衷心邀请持有现有债务的其他债权人考虑重组建议的条款,并且尽快加入重组支持协议支持实施建议重组。建议重组将较其他相关替代情况为所有债权人提供更高债务回收率。

完成建议重组后,碧桂园控股股东拟动用其约11.5亿美元(或等值)的股东贷款连同公司直至2024年9月30日结欠的所有应计未支付利息(包括违约利息)。

值得一提的是,碧桂园还建议设立新管理层激励计划,据此,该公司普通股的5%可按悉数摊薄基准(包括悉数转换强制性可转换债券、SCA认股权证及股东认股权证)授予管理层团队,以激励管理层实现其商业计划。

截至4月11日收盘,碧桂园总市值为123.15亿港元。以当前市值计算,该部分股权价值约6.16亿港元。

碧桂园此次股权激励是债务危机下的权宜之计,短期或有助于稳定管理层,但长期效果取决于债务重组进展及市场信心修复。公司需平衡高管激励与债权人、员工利益,同时加速资产处置与业务转型,方能在行业深度调整中实现重生。

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