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Hogan Lovells

GCL-Poly shareholders sign up to debt restructuring plan

The holders of $500 million of unpaid senior notes which matured last month have agreed to receive 5% of the money now, plus a share of a $17.8 million fund, with the balance to be paid out in three years’ time.

GCL-Poly cross defaults over unpaid $500m senior notes

Creditors refused to postpone payment of the three-year notes for another 36-month term and now face receiving less than 5% of the amount due once a proposed debt restructure is completed, with the balance kept back until January 2024 regardless.

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