BRIEF: Sino-Ocean liquidation petition hearing adjourned to year-end

3377.HK

Property developer Sino-Ocean Group Holdings Ltd. (3377.HK) announced that Hong Kong’s High Court on Monday ordered a petition to liquidate the company, also known as a winding up petition, to be adjourned to Dec. 23.

In June, The Bank of New York Mellon’s London Branch, one of Sino-Ocean’s many creditors waiting to be paid, filed its winding-up petition seeking the liquidation at the High Court of Hong Kong. The debt owed to the bank relates to Sino-Ocean’s 3.25% guaranteed notes due in 2026, involving a total principal amount of $400 million and accrued interest.

By Lau Chi Hang

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