HONG KONG (Reuters) – Embattled Nation Backyard stated in a submitting on Thursday the Hong Kong Excessive Court docket had additional adjourned a listening to of a petition in search of liquidation of the Chinese language property developer to July 29.
The corporate didn’t present a motive for the delay. The listening to was initially adjourned to June 11 from Could, as Nation Backyard had requested extra time to organize proof.
If Nation Backyard is ready to current progress on the debt restructuring talks with its offshore collectors, it will assist the developer push again in opposition to the liquidation petition.
Advisers to Nation Backyard, an advert hoc group of bondholders and a bunch of financial institution lenders are nonetheless engaged on due diligence to comb by means of the developer’s steadiness sheet, sources stated.
The developer defaulted on $11 billion of offshore bonds final 12 months and is within the strategy of an offshore debt restructuring.
Ever Credit score Restricted, a unit of Hong Kong-listed Kingboard Holdings, filed the petition in opposition to Nation Backyard in February for non-payment of a $205 million mortgage.
Nation Backyard instructed a few of its offshore collectors in April that it deliberate to current a debt restructuring proposal within the second half of this 12 months, Reuters has reported.
The corporate’s shares have been suspended from buying and selling since April 2, pending the discharge of its 2023 monetary outcomes.
