Real Estate
Sino-Ocean Debt Plan Gains Support, But Still Faces Resistance
- Chinese builder says it has backing from some lenders
- Ad-hoc creditor group says it’s ‘strongly against’ proposal
Shoppers and stores in the Chengdu Sino-Ocean Taikoo Li.Chengdu Taikoo Li outdoor mall.
Photographer: Zhang Peng/LightRocket/Getty ImagesThis article is for subscribers only.
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.
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.