Xinyuan Real Estate's creditors recently filed an involuntary chapter 11 bankruptcy petition in New York to recover $65.8M in unpaid bonds, making it one of many Chinese builders grappling with financial turmoil in recent years, according to a Tuesday media report that cited a court filing, Seeking Alpha reported. Under U.S. bankruptcy law, creditors can request court oversight if a company misses debt payments, allowing the firm to either contest the petition or enter bankruptcy to reorganize.
Resources Per Country
- Afghanistan
- Armenia
- Australia
- Azerbaijan
- Bangladesh
- Brunei
- Cambodia
- China
- Cook Islands
- Cyprus
- Fiji
- Georgia
- Hong Kong
- India
- Indonesia
- Japan
- Kazakhstan
- Kyrgyzstan
- Laos
- Macau
- Malaysia
- Maldives
- Micronesia
- Mongolia
- Myanmar
- Nepal
- New Zealand
- North Korea
- Pakistan
- Papua New Guinea
- Philippines
- Singapore
- South Korea
- Sri Lanka
- Taiwan
- Tajikistan
- Thailand
- Turkey
- Uzbekistan
- Vanuatu
- Vietnam
Read more
This content is reserved for Global Insolvency Members or members of the American Bankruptcy Institute. Create an account now to gain access. Enjoy free membership for a limited time.
Already a member? Login here.
Bally's Corp. considered waiting for Star Entertainment to enter voluntary administration before investing but feared the Australian casino group would have been too hard to rescue, said the U.S gaming firm's chairman, Soo Kim, Reuters reported. Rhode Island-based Bally's and the Mathieson family - Star's largest investor - engineered a A$300 million ($188 million) rescue package, handing over the first A$100 million last week. The initial funds will keep Star afloat for 15 months while seeking regulatory approval for the full investment, Kim said.
When Indian education-technology company Byju’s was ordered last year to freeze over $500 million as part of a U.S. court battle with its lenders, it said the funds were safely within the business, WSJ Pro Bankruptcy reported. Byju’s by that time had already moved the half-billion dollars out of the U.S. through transactions involving a little-known hedge fund that were obscured in financial statements showing the cash sitting in its accounts, court records show.
Read more
Chinese property developer Country Garden said on Friday that it had reached an agreement with a key bondholder group and was close to finalising negotiations with a group of bank creditors, Reuters reported. The company defaulted on its offshore debt in late 2023 and is now in a restructuring process that aims to cut $14.1 billion of that debt by 78%. The restructuring support agreement with the key bondholder group holding 30% of the embattled developer's $10.3 billion existing offshore bond debt came ahead of a liquidation court hearing in Hong Kong on May 26.
Read more
Beijing increased its tariffs on U.S. imports to 125% on Friday, hitting back against President Donald Trump's decision to raise duties on Chinese goods and upping the stakes in a trade war that threatens to upend global supply chains, Reuters reported. U.S. stocks ended higher, capping a volatile week, as China's retaliation intensified global economic turmoil unleashed by Trump's tariffs. But the safe haven of gold hit a record high during the session, and benchmark U.S.
Read more
A consortium of Indian banks, led by State Bank of India, on Wednesday (April 9, 2025) won their court appeal in London to uphold a bankruptcy order against Vijay Mallya in a long-standing legal battle seeking repayment of a judgment debt owed by his now-defunct Kingfisher Airlines, TheHindu.com reported. High Court judge Anthony Mann ruled in favour of the banks to allow an appeal heard in February, while refusing two applications seeking permission to appeal filed by the 69-year-old businessman, declared a fugitive and wanted for fraud and money laundering charges in India.
Read more
China's consumer prices fell for the second straight month in March while factory-gate deflation worsened, as an escalating U.S. trade war heightened worries about mounting piles of unsold exports that could drive domestic prices even lower, Reuters reported. The world's second-largest economy has gotten off to a bumpy start this year. A nascent pick-up in retail sales and robust expansion in factory activity have been offset by rising unemployment and deflationary pressures, fueling calls for more stimulus.
Read more
Australia has swiftly turned down China's offer to "join hands" against Donald Trump's tariffs, as Washington escalates its trade war with Beijing, BBC.com reported. The White House recently imposed an import tax of 10% on Australian goods, but for China - Australia's biggest trading partner - raised tariffs to 125%. China's ambassador to Australia Xiao Qian argued joint resistance is "the only way" to stop the "hegemonic and bullying behaviour of the US", appealing for Canberra's cooperation in an opinion piece on Thursday.
Read more