POWERLONG (01238.HK): Overall Solution Approved by Scheme Creditors, ~96% of Total Debt Participates in Voting

NewTimeSpace News: Powerlong Real Estate Holdings Limited (01238.HK) issued an announcement on May 12, 2026, disclosing the progress of the overall solution and the results of the scheme meeting.
Pursuant to the convening order, the scheme meeting was duly held and convened at 11:00 a.m. (Hong Kong time) on May 12, 2026, at the offices of Sidley Austin.
A total of 454 scheme creditors holding voting scheme claims of principal and accrued unpaid interest in the aggregate amount of US$3,255,599,086 (representing approximately 96.0% of the total voting scheme claims) participated in the scheme meeting. Of such scheme creditors, a total of 445 scheme creditors holding voting scheme claims of principal and accrued unpaid interest in the aggregate amount of US$2,912,628,825 voted in favour of the scheme (being a majority in number of the scheme creditors present in person or by proxy at the scheme meeting and voting thereat, and representing approximately 89.5% of the total voting scheme claims voted at the meeting). The scheme has obtained the approval of the requisite majority of scheme creditors.
The Company now seeks court approval and sanction of the scheme. The petition for sanction of the scheme will be heard by the court at 11:00 a.m. (Hong Kong time) on June 17, 2026.

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