Business
Sino-Ocean Liquidation Reprieve Extended Amid Restructuring Progress: Hong Kong and UK Courts Await December Hearings
Sino-Ocean of China receives a temporary respite from liquidation in Hong Kong due to 'moderate advancement'. The court in Hong Kong has postponed the hearing to December 23 as the developer is preparing for simultaneous reorganization initiatives in both Hong Kong and the UK.
Sino-Ocean Group, a Chinese developer, was granted a further three-month postponement on its insolvency hearing on Monday. This followed their presentation of a plan for simultaneous restructuring in both Hong Kong and the UK.
Justice Linda Chan from Hong Kong postponed the trial until December 23, noting that the developer had achieved "some advancement" in its restructuring.
Attorneys for Sino-Ocean have requested a delay until December's end, stating that the company's restructuring process is still in progress. They anticipate seeking permission from courts in the UK and Hong Kong next month to reorganize a debt of US$5.6 billion.
Over three-quarters of the lending creditors have given their consent to the restructuring plan proposed by the developer in July. This fulfills a prerequisite to submit a restructuring application to a UK court under Part 26A of the Companies Act of 2006, according to one of the company's legal representatives.
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