Chinese real estate developer Country Garden Holdings Co.'s Hong Kong restructuring plan that will cut at least $10 billion in debt has been recognized by a US bankruptcy court judge, a key step in its cross-border reorganization.
Judge Philip Bentley of the US Bankruptcy Court for the Southern District of New York said Tuesday that he’s satisfied that the company’s nerve center is Hong Kong, a finding required for a foreign restructuring to be recognized under Chapter 15 of US bankruptcy law.
Country Garden has been going through one of China’s largest restructurings amid a real estate crisis that sparked ...
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