The court documents show that the Chinese housing company giant Sunac Increte, according to Chapter 15 of the US Bankruptcy Law, applied for bankruptcy protection to the South District Court of New York.
Comprehensive Hong Kong Ming Pao and Caixian News Agency reported on Tuesday (September 19) that Sunac is currently in lawsuit in the Hong Kong court.People familiar with the matter revealed that because Sunac's US dollar debt was under the jurisdiction of the New York Law, Sunac's debt reorganization in Hong Kong must obtain chapter 15 certification in the United States to ensure the effectiveness of the United States.
Sunac China issued an announcement on September 18 that the overseas reorganization plan was approved by the creditors meeting.A total of 2019 creditors voted for the principal of the bond and the total amount of interest should be paid by 9.923 billion US dollars (about S $ 13.5 billion). In the end, the 2014 holders voted in favor.It is 98.3%.
It was once the fourth largest developer in China with sales. In the first half of this year, it lost 15.37 billion yuan (about S $ 2.9 billion).Sunac's Hong Kong stock price plummeted in late August, and once became a "immortal stock" like another mainland Chinese housing company Country Garden.
