Chinese conglomerate Dalian Wanda Group Co. is in discussions with lenders to refinance a $275 million private debt facility that matures in June, said people familiar with the matter.

Credit Suisse Group AG, the facility’s arranger, has been organizing calls with lenders for at least a month about refinancing the deal, said the people, who asked not to be identified as the matter is private. They added the facility is backed by Wanda’s equity in Hollywood filmmaker Legendary Entertainment LLC.

Wanda didn’t immediately comment Thursday and Credit Suisse declined to comment.

Wanda has been at the forefront of debt-repayment worries the past few months regarding some China high-yield borrowers. The group’s bonds pared some of their recent slump Wednesday on a potential debt buyback and possible sale of malls. Wanda said Thursday it was “untrue” that it would sell 20 malls for 16 billion yuan ($2.3 billion).

The conglomerate — whose businesses span from hotels to theme parks to cinemas — might have to repurchase about 30 billion yuan of equity if the Hong Kong listing of a mall unit doesn’t happen this year. The group also faces at least $1.18 billion of bond obligations the rest of 2023, including a $400 million note due July 23 that posted a record price decline last week.

Meanwhile, Wanda has initiated talks with major Chinese banks on a loan relief plan and plans to downsize some business units.

Founded in 1988, the firm was once viewed as among China’s few high-quality names in the junk-bond market after paring leverage and selling assets following a debt-fueled buying binge last decade.

--With assistance from Emma Dong.