Â
>>REAL-TIME UPDATES IN THE WIRE. CLICK HERE<<<
Â
Â
Property developer Sunac China surged as much as nearly 14% to hit a high of HK$3.19 at one point before closing 4.3% down at HK$2.68.
Creditors of Sunac China have approved its $9 billion offshore debt restructuring plan, the first approval of offshore debt restructuring by a major Chinese homebuilder.
Creditors holding 98.3% total value of the voting scheme have approved Sunac’s restructuring plan proposed earlier this year, the company said in a filing to the Hong Kong Stock Exchange.
The company will proceed to seek the approval of the plan by a Hong Kong court hearing scheduled for Oct. 5, it said.
In addition, Sunac China has filed for Chapter 15 protection from creditors in a US bankruptcy court, court documents showed on Tuesday.
The company sought protection under Chapter 15 of the US bankruptcy code, which shields non-US companies undergoing restructurings from creditors that hope to sue them or tie up assets in the US.
