Following Modern Land’s Chapter 15 bankruptcy petition in June, its proposed offshore restructuring scheme has been approved by a total of 370 of their creditors, according to HKEX. These creditors represent an aggregate principal amount of $1.27bn, which amounts to 94.8% of the Chinese developer’s total outstanding claims. That said, the scheme will be subject to the approval and abide by the sanctions of the Cayman Islands court, who will hear the petition on July 5.
Modern Land’s 9.8% 2023s are trading higher at 17.19 to the dollar, up by 4.38 points.
