China Builder Logan Gets Respite as Liquidation Petitions Fail

(Bloomberg) — Logan Group Co. Ltd. bought more time to push through its debt restructuring plan, after a Hong Kong court batted down creditor petitions to liquidate the Chinese developer’s two key units.

A group of bondholders that initially filed the wind-up petitions planned to withdraw its case after being satisfied with Logan’s restructuring proposals. They were “reasonably happy with the situation,” and no other creditors stepped in to substitute the original petitioner, Judge Anthony Chan of Hong Kong’s High Court said at a hearing on Friday.