The Business Times
business-time-50

Chinese developer Sunac seeks Chapter 15 protection in New York court

google-preferred-sourceAdd BT as a preferred source
Published Tue, Sep 19, 2023 · 03:26 PM
    • The company sought protection under Chapter 15 of the US bankruptcy code, which shields non-US companies that are undergoing restructuring from creditors that hope to sue them or tie up assets in the United States.
    • The company sought protection under Chapter 15 of the US bankruptcy code, which shields non-US companies that are undergoing restructuring from creditors that hope to sue them or tie up assets in the United States. PHOTO: REUTERS

    CHINESE developer Sunac China Holdings has filed for Chapter 15 protection from creditors in a US bankruptcy court, court documents showed on Tuesday (Sep 19).

    The company sought protection under Chapter 15 of the US bankruptcy code, which shields non-US companies that are undergoing restructuring from creditors that hope to sue them or tie up assets in the United States.

    Creditors of Sunac China Holdings approved its US$9 billion offshore debt restructuring plan on Monday, marking the first approval of such debt overhaul by a major Chinese property developer.

    Sunac is among a string of Chinese property developers that have defaulted on their offshore debt payment obligations since the sector was hit by a liquidity crisis in 2021, roiling global markets. REUTERS

    Decoding Asia newsletter: your guide to navigating Asia in a new global order. Sign up here to get Decoding Asia newsletter. Delivered to your inbox. Free.

    Sunac China HoldingsProperty developers

    Share with us your feedback on BT's products and services

    Feedback

    TRENDING NOW

    The fourth Amity Circle retreat was hosted by Temasek Foundation from Apr 8 to 10 in Hanoi.

    Middle East-linked energy supply shocks put Asean Power Grid back in focus

    Sunway Group's founder and chairman Jeffrey Cheah says international expansion will increasingly be driven by the next generation.

    Malaysia’s 8th richest man Jeffrey Cheah wants Sunway business to last 10 generations

    Thailand’s target is to export seven million tonnes of rice globally in 2026, but the Middle East war has turned the world topsy-turvy with supply disruptions, high oil prices and economic uncertainty.

    Thai and Vietnamese farmers may stop planting rice because of the Iran war. Here’s why

    Ho Ren Yung at the Mandai Rainforest Resort by Banyan Tree, a project that reflects her focus on sustainability and regeneration.

    Banyan Group heir Ho Ren Yung: ‘Better to be useful than happy’ 

    Latest T-bills Treasury Bills Results & Interest NewsLatest SSB Singapore Savings Bonds NewsLatest COE Certificate of Entitlement News
    Latest Johor-Singapore SEZ NewsLatest BTO Build To Order & Sales of Balance NewsLatest STI Straits Times Index NewsLatest SGX Dividends, Share Price NewsLatest Bonds Market NewsLatest Singapore Stocks To Buy NewsLatest Singapore Economy News
    View More