Chinese Exile Offers ‘Lady May’ Yacht to Creditors in Bankruptcy

Exiled Chinese businessman Guo Wengui is offering to repay the more than $100 million he owes creditors in part by offering up the yacht that drove him to bankruptcy, court papers show.

The businessman’s debt stems from a $30 million loan he got from a fund in 2008, which according to the lender Guo failed to repay. Guo arranged for the yacht to leave U.S. waters sometime after October 2020, putting it out of the reach of debt collectors. That prompted a New York judge to hold the Chinese exile in contempt and levy a fine of $134 million, ...