Builder Yuzhou Seeks Debt Restructuring Recognition in US

Yuzhou Group Holdings Co. filed for Chapter 15 bankruptcy Thursday in New York, a move by the defaulted property developer to seek US court recognition for its offshore debt restructuring and ward off litigation.

The Chinese builder, which failed to pay $2.9 billion of dollar notes with interest as of the end of 2023, is undergoing restructuring in Hong Kong and Cayman Islands.

Its board was advised to “seek recognition by this court of the Hong Kong proceeding as a foreign main proceeding for the debtor,” according to a company filing with the court. Without US court recognition, “it may ...