2 days ago
Hong Kong's New World Development gets $11bn refinancing deal
New World Development's $11 billion loan refinancing package includes a multiple tranches of bank loans with different maturities. (Photo by Masayuki Kozono)
(Reuters) -- Hong Kong builder New World Development said on Monday it had received commitments for a HK$88.2 billion ($11.24 billion) loan refinancing package, as the property developer finalizes a crucial lifeline in a struggling market.
The refinancing, poised to be one of the largest ever seen in Hong Kong, concludes months of negotiations over a debt package designed to bring the company back from the brink of default.
