Sino-Ocean Gets Nearly Two-Week Reprieve in Liquidation Case [Yahoo! Finance Canada]
SINO-OCEAN GRP UNSP/ADR (SIOLY)
NASDAQ:AMEX Investor Relations:
sinooceangroup.com/en-us/investor/financialreports
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Source: Yahoo! Finance Canada
(Bloomberg) -- Sino-Ocean Group Holding Ltd. got a short reprieve in its liquidation hearing in Hong Kong, as it works to secure more creditor support over a debt plan. Most Read from Bloomberg A Hong Kong court on Wednesday adjourned the case until Sept. 23. The state-linked builder, once considered one of the stronger names among China's developers, is under pressure to show the court that it is making progress on its restructuring. Tensions have been rising between Sino-Ocean and a key group of bondholders over the details, and they remain locked in a contentious standoff. That raises the stakes for the builder heading into the hearings. Companies that are unable to resolve disputes with creditors face the risk of eventual liquidation, as was the case with China Evergrande Group earlier this year. Sino-Ocean said this week that more than 75% of a group of creditors holding loan facilities has acceded to a restructuring proposal it delivered in July. Under the proposal, Sin
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