(Bloomberg) — Shimao Group Holdings Ltd. won a Hong Kong court decision to dismiss a creditor petition to liquidate the defaulted Chinese developer, buying more time to complete its debt restructuring plan.
The Hong Kong High Court granted the dismissal Monday after the company said in an October filing that some banks and bondholders have indicated their approval of its $11.5 billion restructuring plan with some sweeteners added.
The development adds to the momentum gained by Shimao to push through the restructuring plan and continue operations. Once one of China’s biggest developers with five-star hotels as its landmark projects, the company was on an expanding list of distressed builders facing legal battles that were launched…
