image credit: shimaogroup.com
A liquidation action against Chinese property developer Shimao Group has been rescheduled until July 31 as the business has again extended a deadline for creditors in respect to a debt restructuring plan, according to a filing made on Wednesday.
A Hong Kong court granted the delay after Shimao and the petitioner, state-owned lender China Construction Bank (Asia), submitted a consensual application for it, according to a filing with the Hong Kong Stock Exchange.
It added. Shimao and its advisors “are actively advancing discussions with creditors” over their offshore debt restructuring plan, and the business has extended the deadline for the early consent fee, which is given to creditors as an incentive to accept the restructuring, to July 31.
According to Reporters, Shimao has sweetened the conditions of its $11.5 billion offshore debt restructuring plan in order to get the backing of creditors as it attempts to avoid a liquidation.
Comment Template