Property developer KWG Group Holdings Ltd. (1813.HK) said on Wednesday that Shandong Sunlight Xin Tiandi Micro-finance Com. Ltd. filed a winding-up petition against the company with Hong Kong’s High Court on Aug. 11. The petition relates to approximately 642 million yuan ($89.48 million) in unpaid guaranteed obligations and accrued interest of 136 million yuan owed to Shandong Sunlight by KWG.
KWG said it will consider filing an application for a validation order with the High Court, taking into account the petition’s developments alongside its offshore debt restructuring progress. The High Court has scheduled the first hearing for Oct. 22.
KWG’s aggregate bank and other borrowings, senior notes, and onshore…