New World Gets 100% Lender Approval for $11 Billion Refinancing
Distressed Hong Kong builder New World Development Co. has secured written commitments from all banks for a HK$87.5 billion ($11.1 billion) loan refinancing, people familiar with the matter said, bringing it closer to finalizing a critical lifeline just days before a deadline.
The next procedural step to formally conclude the transaction is for lenders to sign the loan documents, according to the people. They expect that to happen shortly. Documentation showed that if New World didn't achieve a 100% approval by June 30, the deal could fall through as any collateral pledged would be released and bank commitments canceled.
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