Times China Wins Court Approval for Offshore Restructuring Plan

Defaulted Chinese developer Times China Holdings Ltd. has received court approval for its offshore debt restructuring plan, which creditors had voted in favor of earlier this month.

• Hong Kong High Court Judge Linda Chan sanctioned the plan during a Wednesday hearing
  • The sanction order was granted subject to inclusion of amendments as instructed by the judge
• The developer is still facing a separate winding-up petition
  • That was filed by Hang Seng Bank Ltd. in connection with financial obligations of about $173.2 million and HK$731.4 million ($94 million), respectively
• NOTE: Times China Creditors Approve Offshore Debts Restructuring

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