The troubled business arm of a top Chinese university may impose haircuts approaching 70% on its unsecured creditors as part of a debt restructuring plan, according to people familiar with the matter.
Peking University Founder Group Corp.’s administrator has crafted a draft plan that proposes recovery rates of 31% to 61% for unsecured creditors, said the people, who asked not to be identified because they’re not authorized to speak about it.
Founder Group entered court-led restructuring proceedings in February 2020 and has defaulted on all of its bonds. The company received approval early this year to delay submission of a ...
