HONG KONG (Reuters) – The liquidation case of Chinese property developer Shimao Group has been postponed until July 31 as the company again extended a deadline for creditors on a debt restructuring plan, the company said in a statement on Wednesday.
The postponement was made by the Hong Kong court after an agreed statement of such a move by Shimao and the plaintiff – state-owned lender China Construction Bank (OTC:) (Asia) – said in a statement filed with the Hong Kong Stock Exchange.
The company added that Shimao and its advisers are “actively advancing negotiations with creditors” regarding its offshore debt restructuring proposal, and the firm further extended the deadline for the payment of an early consent fee, or a fee paid to creditors as an incentive to support the restructuring, to July 31.
Reuters reported on Tuesday that Shimao had softened the terms of its $11.5 billion offshore debt restructuring plan to win support from creditors as it tries to defeat its winding-up petition.