(Reuters) – State-backed Sino-Ocean Group said on Monday a Hong Kong court had ordered the dismissal of the winding-up petition against the Chinese property developer.
The petition, filed by The Bank of New York Mellon’s London branch in June last year, was for the non-repayment of 3.25% guaranteed notes.
The guaranteed notes, due in 2026, were issued by a unit of the company in an aggregate principal amount of $400 million.
There is no outstanding winding-up petition against the company, Sino-Ocean said in the statement.
A UK court earlier in February had approved Sino-Ocean’s plan to restructure around $6 billion of the company’s debt, despite opposition from an ad hoc group of creditors.
The company is among the many Chinese property firms that defaulted on offshore bonds after the country’s property sector collapsed in mid-2021.
Sino-Ocean is expected to announce its annual results on March 26.
(Reporting by Sherin Sunny in Bengaluru; Editing by Shreya Biswas)
