A subsidiary of Chinese developer Xinyuan Real Estate Co. Ltd. beat efforts by its lenders to toss its bankruptcy when a New York judge found its Chapter 11 was filed properly.
Hudson 888 Owner LLC’s bankruptcy, filed amid China’s real estate debt crisis, followed the company’s underlying mortgage loan defaults that the US Bankruptcy Court for the Southern District of New York said “existed for a very long time.” The company owed $90 million on the loans.
Judge Michael E. Wiles on March 15 rejected lenders’ argument that the bankruptcy should be tossed because it was filed in “bad faith.” ...
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