Latest news with #HongKongHighCourt
New Straits Times
27-05-2025
- Business
- New Straits Times
Country Garden's liquidation hearing adjourned to Aug 11
KUALA LUMPUR: Country Garden said on Monday the Hong Kong High Court has adjourned a hearing into a liquidation petition against it until August 11, a move that would allow the Chinese property developer more time to get support from its bank creditors. The company defaulted on its offshore debt in late 2023 and is now in a restructuring process that aims to cut US$14.1 billion of that debt by 78 per cent.
Time of India
26-05-2025
- Business
- Time of India
Country Garden's liquidation hearing delayed to August 11 as creditor talks continue
Country Garden said on Monday the Hong Kong High Court has adjourned a hearing into a liquidation petition against it until August 11, a move that would allow the Chinese property developer more time to get support from its bank creditors. The company defaulted on its offshore debt in late 2023 and is now in a restructuring process that aims to cut $14.1 billion of that debt by 78%. Getting enough creditor support on the restructuring proposal is essential for Country Garden to convince the court to reject the petition, which was filed last year by Ever Credit , a unit of Hong Kong-listed Kingboard . The embattled developer has received support from holders representing nearly 75% of its $10.3 billion offshore bond debt on the proposal so far, but it has yet to reach an agreement with a key bank group holding 48% of its $3.6 billion syndicated loans, two sources with knowledge of the matter said. Country Garden's restructuring proposal will require support from more than 75% in creditor value in both classes - bank lenders and bondholders plus Ever Credit - to pass. The sources declined to be named as the information is private. Country Garden declined to comment. Country Garden on Friday extended the early-bird deadline again for creditors to sign the restructuring agreement to June 6 and the general deadline to June 20. Once China's top developer by sales, Country Garden's downturn in fortunes intensified a debt crisis that was already gripping rivals such as Evergrande.
Reuters
25-02-2025
- Business
- Reuters
Hong Kong high court pulls winding-up petition against Shimao
Feb 25 (Reuters) - The Hong Kong High Court has ordered the withdrawal of the winding-up petition against Chinese property company Shimao Group ( opens new tab filed by CPYM Link Investment, Shimao said on Tuesday. CPYM Link filed its petition against Shimao on January 10 in relation to a cross-border loan guarantee of 258 million yuan ($35.5 million) issued by the Chinese property developer and a hearing was set for March 19. Shimao's press statement did not give a reason for the court's order. Shimao is one of several Chinese property developers who have, at some point, faced a liquidation case against them since the property sector suffered a liquidity crunch in 2021 due to the COVID-10 pandemic. Other companies include China Evergrande ( opens new tab, Country Garden ( opens new tab and Sunac China ( opens new tab. ($1 = 7.2631 Chinese yuan renminbi)
