Builder Shimao Wins HK Court Approval for Offshore Debt Plan

Defaulted developer Shimao Group Holdings won a Hong Kong court’s approval for its offshore restructuring, clearing the way for the debt plan to proceed.

• Shimao said last month that the proposed offshore debt restructuring had been approved by the requisite majorities of scheme creditors
• Co. said in February that Hong Kong’s High Court had ordered the withdrawal of a winding-up petition filed by CPYM Link Investment, according to HKEX filings
• NOTE: Under Shimao’s restructuring proposal, it plans to issue new dollar notes and mandatory convertible bonds to restructure existing debt

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