Chinese Developer RiseSun’s Unit RongXingDa Files for Chapter 15

RongXingDa Development (BVI) Ltd., a unit of Chinese developer RiseSun, filed a Chapter 15 petition in the U.S. for recognition of a foreign proceeding, according to a Monday court filing in the Southern District of New York.

• “The petition is not for bankruptcy, but for the relevant United States court to recognize the BVI Scheme arrangements for its offshore debt exchange,” RiseSun said in response to questions about the petition. “The BVI Scheme is progressing well and will settle shortly after the BVI court order in March.”

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Dorothy Ma in Hong Kong ...