E-House to start talks on new restructuring plan as longstop date nears

By Sarah Lizee

Olympia, Wash., March 28 – E-House (China) Enterprise Holdings Ltd. said it has started discussions with its advisers with the intention of formulating a new restructuring plan, according to a statement filed with the Hong Kong Stock Exchange.

The company said a hearing was held in a Cayman court on March 26 to update the court and give an indication of how the company intended to proceed in relation to the Cayman and Hong Kong schemes, as well as to give scheme creditors an opportunity to make representations to the court.

E-House said no scheme creditors were present.

The company said it hasn’t been able to close its previously proposed restructuring under the schemes and, as a result, the restructuring effective date will not occur by the March 31 longstop date.

E-House said both schemes will lapse and all compromises and arrangements provided by the schemes will cease to have any force or effect. All pre-scheme rights will revive and be enforceable from that time.

The company noted that it will be paying the fees of its advisers in relation to the schemes.

E-House said that by the end of April it plans to pursue a transparent dialogue with holders of its notes and convertibles, with a view to identifying and agreeing to a revised restructuring.

Shanghai-based E-House mainly offers real estate agency services in the primary market, real estate data and consulting services and real estate brokerage network services. The company’s Chapter 15 case number is 24-10234.

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