Sunac China (1918) sought bankruptcy protection in New York as the defaulted developer moved to protect assets while its offshore debt restructuring nears its conclusion. Peer China Evergrande (3333), which is also working to restructure its offshore debt, last month made its own Chapter 15 filing. China's 16th-largest developer by contracted sales, Sunac first defaulted on a US dollar bond in May 2022. The company unveiled its offshore debt restructuring plan in March, and within several weeks investors holding more than 75 percent of those borrowings accepted the proposal. Meanwhile, Country Garden (2007) is said to have missed a US$15.4 million (HK$120 million) bond interest payment on Monday.

Source: The Standard September 20, 2023 15:22 UTC