Pearl Oriental Holdings is in talks with creditors about writing off some debts as part of a restructuring of group liabilities, according to executive director Peter Siu King-nin. 'Creditors, including Bank of East Asia [BEA], will take a haircut,' Mr Siu said after a special general meeting yesterday. 'BEA will take a haircut, and will not ask for the price difference [arising from the Genesis property sale] to be repaid. Details could be announced after Lunar New Year.' Pearl Oriental's bank indebtedness amounted to about HK$1.17 billion as of January 11, according to the document relating to the sale of former chairman and major shareholder Wong Kwan's 29.9 per cent stake in the company. The company was advised by BEA, creditor bank of the Genesis property, that the luxury home on The Peak was sold for HK$230 million on December 21 last year and the outstanding debt to BEA was about HK$100 million. The share-sale document revealed that China Wanan Group, the buyer of Mr Wong's stake, had indicated its interest in retaining Genesis within the group. With financial assistance of China Wanan, Pearl Oriental intended to secure an agreement with the creditors, including BEA. The sale of Mr Wong's stake was approved by shareholders at yesterday's special general meeting. Mr Wong was absent from the meeting, Mr Siu said. 'New partners, partly from the mainland, have entered into the group and the future development strategy of the group will be announced soon,' Mr Siu said. He said the group's debt restructuring was proceeding towards realisation. '[The group] will consider changing the company name,' he added.