HK Court Approves Withdrawal of Liquidation Case Against Sunac China

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Sunac’s restructuring proposal secured support from investors holding about 87% of the developer’s offshore debt

(Bloomberg) — A Hong Kong court granted an order for the withdrawal of a liquidation lawsuit against Sunac China Holdings Ltd., removing a hurdle to the developer’s $9 billion debt restructuring.

The petition with withdrawn and winding-up proceedings against the company “have been discontinued,” Sunac said in an exchange filing Wednesday. The case was filed last September by a bondholder that the builder previously said is allegedly owed $22 million in principal plus interest on senior notes.