Real Estate
Builder China Aoyuan Seeks Debt Restructuring Recognition in US
- Aoyuan filed for Chapter 15 as restructure nears finalization
- Co. won creditors’ nod for debt plan, seeks court approval
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China Aoyuan Group Ltd. filed for Chapter 15 bankruptcy in New York on Wednesday, a move by the defaulted property developer to seek US court recognition for its offshore debt restructuring and ward off litigation.
The Guangzhou-based developer, which had about $6 billion of total offshore interest-bearing liabilities as of the end of 2022, is undergoing restructuring in Hong Kong, Cayman Islands and the British Virgin Islands after deciding last year to forgo paying debt.