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UPDATE 10: CORRECTION: Hong Kong High Court Adjourns Sino-Ocean Winding-Up Petition to Dec. 23

Sun Sep 22, 2024 11:23 PM ET: Editor’s Note: The headline, and the first and last paragraphs of this story have been modified to reflect a corrected date of Dec. 23, not the previously reported Dec. 31. The Hong Kong High Court adjourned this morning’s winding-up hearing against state-backed Chinese developer Sino-Ocean Group Holding Ltd. to Dec. 23, at a hearing attended by Reorg. The petitioner, the Bank of New York Mellon, London Branch, asked for an immediate winding-up order. The petitioner is the trustee of Sino-Ocean’s $400 million, 3.25% guaranteed notes due 2026 plus accrued interests and presented the petition in June over the notes’ non-payment. Sino-Ocean, which counts state-owned China Life Insurance and Dajia Life Insurance as its largest shareholders, had proposed to restructure four classes of offshore debt with an up to 10-year termout. Class A is its Hong Kong law-governed $249.8 million plus 12.177 billion Hong Kong dollars ($1.563 billion) syndicated loans and HKD 870 million bilateral loans, Class B and C are $3.118 billion English-law governed offshore notes, and Class D is its $600 million offshore perpetual securities. The petitioning debt is in Class B. On Sunday, Sept. 22, the company announced it will seek[...]