GLAS partners with Sino-Ocean on $6bn offshore restructuring

GLAS is thrilled to see the successful conclusion of the $6bn offshore restructuring of Sino-Ocean under the English Companies Act 2006, which became effective on 27th March 2025.

Sino-Ocean is a Beijing based investment holding company that focus on real estate and property development within the People’s Republic of China (PRC). The company had been heavily impacted by the real estate crisis in the PRC.

A cross-border GLAS team played several roles on this transaction, including Information Agent, Holding Period Trustee and Blocked Scheme Creditor Agent. GLAS are also Trustee and Agent on the new debt, which includes mandatory convertible bonds and a precedent loan warehousing structure.

This transaction is one of the market’s largest ever debt exchanges with $6bn worth of debt being restructured and over 3,000 creditors.

Our recent expansion into Hong Kong and Singapore allowed GLAS to provide local, Asia-based support and multi time zone coverage on this highly complex, landmark transaction which faced many challenges by several creditors.

Our on the ground coverage allowed the GLAS teams to host the Plan and Scheme meetings in person from Hong Kong.

This transaction is another example of our market leading capabilities on a global scale, and showcases our ability to partner with global clients on the world’s biggest and most complex restructurings.

About Sino-Ocean

Founded in 1993, Sino-Ocean Group’s focus is property development with property related businesses as new frontiers of development.

The organisation’s expertise includes both commercial and residential property development, property related operations and services, and full-scale construction.

About GLAS

GLAS was established in 2011 as an independent provider of institutional debt administration services. The company was originally created to provide the market a willing participant in complex loan restructuring transactions where many large institutions are reluctant to take swift and cooperative action. It offers a wide range of administration services developed specifically for the debt market.

GLAS is recognised as the premier independent, non-creditor, conflict-free provider of loan agency and bond trustee services, with excess of $500bn of assets under administration on a daily basis. For more information, contact media@glas.agency.