The Business Times

Chinese developer Sunac seeks Chapter 15 protection in New York court

    • 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
    Published Tue, Sep 19, 2023 · 03:26 PM

    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

    Sunac China HoldingsProperty developers

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