Fantasia's Restructuring Update: Over 99.67% of Creditors Support the Offshore Debt Plan, Accelerating the Road to Rebirth

On the evening of February 22, 2026, Fantasia Holdings Group Co., Ltd. (Stock Code: 1777, hereinafter referred to as “Fantasia”) announced that it had received support from approximately 99.67% of the plan creditors at the scheduled meeting, approving (with no modifications) the Hong Kong Plan and the Cayman Plan, thereby meeting the core requirements for approval of each plan by the Hong Kong Court and the Cayman Court.

The plan meeting was held at 7:00 p.m. on February 20, 2026 (Hong Kong time) at the offices of Yantida Law Firm in Hong Kong, where voting took place. The announcement shows that a total of 1,412 plan creditors, holding or owning rights to approximately US$6.097 billion in claims, participated in the meeting. Among these creditors, 1,397 (holding or owning rights to approximately US$6.077 billion in claims) voted in favor of each plan, representing about 99.67% of the total voting rights. As a result, both plans received the majority approval required by law from the plan creditors.

An insider from Fantasia stated that among the participating plan creditors, the vast majority voted in favor of each plan, accounting for about 99.67% of their total voting rights, far exceeding the statutory approval threshold. This fully demonstrates the high recognition and trust of global creditors in Fantasia’s restructuring plan. The smooth progress of this restructuring plan is the result of multiple rounds of communication and negotiation between Fantasia and its creditors, based on the principle of mutual benefit and win-win cooperation. The plan, which balances the interests of all parties, creates favorable conditions for the company to optimize its debt structure and restore operational vitality.

The announcement pointed out that after the approval by the creditors’ meeting, Fantasia will submit applications to the Hong Kong Court and the Cayman Islands Court respectively, seeking approval and recognition of the Hong Kong Plan and the Cayman Plan. The hearing for the Hong Kong Plan approval is scheduled for 10:00 a.m. on March 12, 2026 (Hong Kong time), and the Cayman Plan approval hearing is scheduled for 10:30 p.m. on the same day (Hong Kong time). Once court approval is obtained, the restructuring plan will officially enter the implementation stage.

Industry insiders revealed that the hearings in Hong Kong and the Cayman Islands are judicial reviews of the fairness and feasibility of the restructuring plan. By obtaining court orders, the relevant creditors (including those who did not attend or voted against) will be legally bound. As a company registered in the Cayman Islands and listed in Hong Kong, approval hearings in both jurisdictions can maximize the cross-border enforceability of the restructuring plan. After court approval, on one hand, Fantasia will obtain a clear timetable and amount schedule for debt repayment, creating a stable environment for normal operations; on the other hand, it also signifies judicial confirmation of the plan’s “enforceability,” ensuring the order of creditor payments and amounts.

An insider from Fantasia expressed heartfelt thanks for the support and understanding from all plan creditors. Court approval of the restructuring plan is generally regarded as a landmark event in resolving corporate debt risks, which will significantly improve Fantasia’s market credit and create favorable conditions for subsequent business cooperation. Judicial confirmation of the debt restructuring also helps restore confidence among homebuyers, suppliers, and partners. The company will take this debt restructuring as an opportunity to continuously optimize governance, strengthen operational management, and improve service quality, actively returning trust to shareholders, creditors, and the market, steadily advancing strategic transformation, and promoting sustainable and healthy corporate development.

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