Chinese developer Logan Group seeks to postpone Dec 4 liquidation hearing - state media (updated)

Logan

02/12/2023 03:04

(Adds more detail)
       SHENZHEN, China, Dec 2 (Reuters) - Property developer
Logan Group  3380.HK  is seeking to adjourn a liquidiation
hearing at the Hong Kong High Court scheduled for Monday on the
grounds it has not yet agreed a debt restructuring plan with
overseas creditors, Chinese state media The Paper reported on
Saturday.
    The Shenzhen-based company said last year it would suspend
interest payments and restructure its offshore debt including
$3.7 billion in dollar bonds due to liquidity pressure.
    Logan and two of its subsidiaries received a winding-up
petition in November 2022 filed by the bond trustee who
represents a few investors holding the 5.75% 2025 bond.
    Logan Group did not immediately respond to a Reuters request
for comment by email or answer a phone call outside of regular
business hours.
    Embattled developer China Evergrande Group  3333.HK  also
faces a wind-up hearing at the same court on Monday, with
Justice Linda Chan saying in October it would be the last before
a decision is made on liquidating the company.

 (Reporting by David Kirton; Editing by Lincoln Feast.)
 ((David.Kirton@thomsonreuters.com;))