A liquidation case against Chinese property developer Shimao Group has been postponed to July 31, as the company has once again extended a deadline for creditors concerning a debt restructuring plan. The adjournment was granted by a Hong Kong court following a consensual application from Shimao and the petitioner, state-owned lender China Construction Bank (Asia), as stated in the filing to the Hong Kong Stock Exchange.
Shimao and its advisers are actively engaged in discussions with creditors about its offshore debt restructuring proposal. The company has also extended the deadline for the early consent fee, an incentive for creditors to support the restructuring, to July 31.
The source reported that Shimao had improved the terms of its $11.5 billion offshore debt restructuring plan to gain creditor support and fend off the liquidation petition.
(Source: ET & Reuters)
