Shimao Creditors Get Organized After $1 Billion Bond Default (2)

Shimao Group Holdings Ltd.’s global creditors are gearing up to organize themselves after the luxury builder defaulted on a $1 billion dollar bond due Sunday.

An executive at investment bank Houlihan Lokey Inc. asked Shimao bondholders to join its creditor group, according to people at firms that hold the notes who dialed into a conference call late Tuesday arranged by the adviser and Weil, Gotshal & Manges LLP. Shimao is now embracing a holistic restructuring and that’s expected to take some time, said the people who aren’t authorized to speak publicly about their holdings, citing an executive on ...