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.
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.
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.
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.
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.
Banks are expected to take more enforcement actions on distressed buildings amid Hong Kong’s property market downturn, according to PricewaterhouseCoopers LLP, Bloomberg News reported. That’s based on the estimate of the firm’s partner Christopher So, whose team oversees a portfolio of real estate under receivership valued at more than HK$10 billion ($1.28 billion). “Lenders tend to give borrowers some breathing space at the beginning.
Read more
Defaulted builder Sino-Ocean Group Holding Ltd. is working to garner enough support to help secure approval for its debt restructuring plan, but remains far short of the needed backing amid opposition from a key bondholder group, Bloomberg News reported. The company has support from a lender group representing about half of the company’s so-called Class A debt, Sino-Ocean said in a Thursday filing with the Hong Kong stock exchange. Lenders have either entered into a restructuring support agreement or are going through internal procedures to obtain the relevant approvals to do so.
Read more
A Hong Kong court gave Chinese property developer Kaisa Group a seven-week respite on Monday to finalise a debt restructuring plan, adjourning a hearing on a liquidation petition for what it said could be the last time, Reuters reported. The High Court adjourned the hearing to Aug. 12 after the petitioner representing a key group of bondholders agreed to Kaisa's request for more time. The Shenzhen-based developer has been working to restructure its offshore debt since defaulting on $12 billion in offshore debt payments in late 2021.
Read more
Doing business in Hong Kong increasingly comes with a new risk: the political cost of upsetting Beijing. Chinese clients recently dropped one big Chicago law firm after it recused itself from a politically sensitive case, the New York Times reported. A former Wall Street banker was muzzled for writing a “Hong Kong is dead” column. And Google was effectively cornered into enforcing a ban on a popular protest anthem. In all areas of life, Hong Kong is hewing closer to mainland China, blurring distinctions that once cemented the city’s status as mostly free from the politics of Beijing.
Read more
Hong Kong’s securities regulator has started criminal proceedings against hedge fund management firm Segantii Capital Management, the firm’s founder and a former trader over insider dealing, the Wall Street Journal reported. The city’s Securities and Futures Commission said Thursday that it had begun proceedings against Segantii founder Simon Sadler and Daniel LaRocca, a former trader for the firm. It said no plea was taken by defendants in an appearance before a Hong Kong court, with the case subsequently adjourned to June 12.
Read more