Sino-Ocean Debt Plan Gains Support, But Still Faces Resistance

(Bloomberg) — Defaulted builder Sino-Ocean Group Holding Ltd. is seeking support to secure approval of its debt restructuring plan but faces opposition from a key bondholder group.

The company has support from a lender group representing about half of the company’s Class A debt, Sino-Ocean said in a Thursday filing with the Hong Kong stock exchange. Lenders have either entered into a restructuring support agreement or are going through procedures to obtain approvals to do so.