China Aoyuan Gets Chapter 15 Recognition From US Court: Advisor

A court in New York has granted Chapter 15 recognition order to China Aoyuan Group, according to Patrick Cowley, global head of turnaround and restructuring at KPMG International, a financial advisor to the Chinese developer.

• “So we can now turn towards implementing the schemes, and the company can continue its rehabilitation without fear of anyone trying to bring actions in the US Courts,” he said
• Earlier this week, a Hong Kong court approved China Aoyuan’s $6 billion debt restructuring plan and dismissed opposition from a creditor, paving the way for the builder to overhaul liabilities
  • “While we will need to ...