Shimao Group's Liquidation Case Postponed in Hong Kong

Chinese property developer Shimao Group's liquidation case in Hong Kong has been postponed to July 31. This decision came after extending the deadline for creditors related to a debt restructuring plan. The adjournment was granted by a Hong Kong court following a joint request by Shimao and the petitioner, state-owned lender China Construction Bank (Asia).

Shimao and its advisers are actively engaging in discussions with creditors regarding the offshore debt restructuring proposal. The company has further prolonged the deadline for the early consent fee, which is paid to creditors as an incentive to support the restructuring, until July 31.

Reports indicate that Shimao has revised the terms of its US$11.5 billion offshore debt restructuring plan to attract support from creditors and prevent the liquidation petition.

It is essential for Shimao Group to reach an agreement with its creditors to avoid liquidation. The company's efforts to revise the debt restructuring plan demonstrate its commitment to finding a solution that benefits both parties. By extending deadlines and actively engaging with creditors, Shimao is working towards a positive outcome for all stakeholders involved.