Chinese developer Sunac seeks Chapter 15 protection in New York court
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Sept 19 (Reuters) usaaws.com - Buy Google Play Developer Account Chinese developer Sunac China Holdings has filed for Chapter 15 protection from creditors in a U.S. bankruptcy court, court documents showed on Tuesday.
The company sought protection under Chapter 15 of the U.S. bankruptcy code, which shields non-U.S. companies that are undergoing restructurings from creditors that hope to sue them or tie up assets in the United States.
Creditors of Sunac China Holdings approved its $9 billion offshore debt restructuring plan on Monday, marking the first approval of such debt overhaul by a major Chinese property developer.
Sunac is among a string of Chinese property developers that have defaulted on their offshore debt payment obligations since the sector was hit by a liquidity crisis in 2021, roiling global markets. (Reporting by Jyoti Narayan in Bengaluru; Editing by Christopher Cushing and Jacqueline Wong)
The company sought protection under Chapter 15 of the U.S. bankruptcy code, which shields non-U.S. companies that are undergoing restructurings from creditors that hope to sue them or tie up assets in the United States.
Creditors of Sunac China Holdings approved its $9 billion offshore debt restructuring plan on Monday, marking the first approval of such debt overhaul by a major Chinese property developer.
Sunac is among a string of Chinese property developers that have defaulted on their offshore debt payment obligations since the sector was hit by a liquidity crisis in 2021, roiling global markets. (Reporting by Jyoti Narayan in Bengaluru; Editing by Christopher Cushing and Jacqueline Wong)- 이전글Alarms Plus Security Services, LLC 24.11.19
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