The Jiazhaoye Group, a real estate company with debt defaults, sought a hearing in Hong Kong later this year to strive to hold a creditor meeting to vote for its debt restructuring plan.
According to Bloomberg News on Wednesday (September 11), the date of the court on September 6 shows that Jiazhaoye's application was held on December 19th.The vote voting meeting was approved by the court.
It is reported that although the court approved voting is only a procedural step, the procedure is a key step for Jiazhaoye to fight for its overall debt plan.In August, Jiazhaoye signed a reorganized support agreement with a key creditors group. As the liquidation of the early next year was approaching, the company was facing the pressure of further progress.
The Jiazhaoye, which had a bond default in 2021, was a sign of the prosperity period of the Chinese credit bond market. The company received a liquidation of the liquidation proposed by creditors in Hong Kong in July last year.The scale of overseas debt that Jiazhaoye is reorganizing is about US $ 13 billion (about S $ 17 billion), which is one of the most important companies in the industry.
