U.K. Court Clears Way for China Fortune Land’s Offshore Bond Restructuring

China Fortune Land Development Co. Ltd. (600340.SH), once one of the country’s biggest property developers, had its proposal to restructure nearly $5 billion of offshore bonds approved by the High Court in London, marking another step forward in the company’s efforts to dig itself out of a financial black hole.

The court order to sanction the scheme follows an approval by offshore bondholders at a Jan. 16 meeting and paves the way for the agreement to take effect on Tuesday, according to China Fortune Land’s dollar bond-issuing vehicle CFLD (Cayman) Investment Ltd., which made the announcement in a filing to the Singapore Exchange dated Wednesday.