Sino-Ocean Meets Key Creditor Group for First Time Since Default

Sino-Ocean Group Holding Ltd., a Chinese state-linked developer with more than 290 projects in the country, has met with a key group of offshore bondholders for the first time since its default, setting a milestone in their attempts to claw back some money.

The Wednesday meeting came after the ad hoc creditor group — which jointly holds over 25% of its six outstanding senior unsecured notes — instructed a bond trustee to send a statutory demand earlier this month to push the builder to the negotiation table, according to people familiar with the matters. The statutory demand ...