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Chinese developer Shimao's liquidation hearing adjourned to July 31
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Chinese developer Shimao's liquidation hearing adjourned to July 31
Jun 25, 2024 10:37 PM

HONG KONG, June 26 (Reuters) - A liquidation case

against Chinese property developer Shimao Group ( SIOPF ) has

been adjourned to July 31 as it has again extended a deadline

for creditors in relation to a debt restructuring plan, the

company said in a filing on Wednesday.

The adjournment was made by a Hong Kong court following a

consensual application for such a move by Shimao ( SIOPF ) and the

petitioner - state-owned lender China Construction Bank (Asia) -

the filing to the Hong Kong Stock Exchange said.

It added Shimao ( SIOPF ) and its advisers "are actively advancing

discussions with creditors" regarding its offshore debt

restructuring proposal, and the firm has further extended the

deadline for the early consent fee, or the fee paid to creditors

as an incentive to support the restructuring, to July 31.

Reuters reported on Tuesday that Shimao ( SIOPF ) had sweetened terms

in its $11.5 billion offshore debt restructuring plan to garner

support from creditors, as it tries to fend off the liquidation

petition.

(Reporting by Xie Yu; Editing by Muralikumar Anantharaman)

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