Chinese developer Shimao’s liquidation hearing adjourned to July 31

HONG KONG (Reuters) – A liquidation case against Chinese property developer Shimao Group has been adjourned to July 31 as it has again extended a deadline for creditors in relation to a debt restructuring plan, the company said in a filing on Wednesday.

The adjournment was made by a Hong Kong court following a consensual application for such a move by Shimao and the petitioner – state-owned lender China Construction Bank (OTC:) (Asia) – the filing to the Hong Kong Stock Exchange said.

It added Shimao and its advisers “are actively advancing discussions with creditors” regarding its offshore debt restructuring proposal, and the firm has further extended the deadline for the early consent fee, or the fee paid to creditors as an incentive to support the restructuring, to July 31.

Reuters reported on Tuesday that Shimao had sweetened terms in its $11.5 billion offshore debt restructuring plan to garner support from creditors, as it tries to fend off the liquidation petition.