Indebted Chinese developer Sino-Ocean Group won approval for its restructuring plan from a UK court on Monday despite objections from some creditors, potentially paving the way for it to prevail in a liquidation lawsuit in Hong Kong.
London’s high court approved the builder’s offshore restructuring proposal, which allows the state-backed company to overhaul some US$6 billion in debt. The proposal, first unveiled in July, was opposed by an ad hoc group of creditors.
The developer, which counts state-backed China Life Insurance and Dajia Insurance among its top shareholders, wants to repay creditors by issuing US$2.2 billion in long-term bonds and a combination of new mandatory convertible notes and perpetual securities.
“I have no…
