Founder Group’s debt resolution plan underscores risks offshore money managers face from complex repayment pledges

Country faces massive debt servicing costs for infrastructure by 2023

Insurance giant would pay up to $7.9 billion for 51.1% to 70% of reorganized conglomerate following defaults

Court OKs administrator’s application for three extra months to choose investors, consult with creditors

Action may reflect concern that brokerage could funnel proceeds to bankrupt parent Founder Group, people close to Founder Securities say

Bank of Beijing filed the application days before the conglomerate is supposed to pay up $285 million of bonds

Payment deadline for Peking University-controlled industrial conglomerate extended to Feb. 21, avoiding triggering of cross-defaults on other debt

Founder Group concealed its connected-party relationships with three other shareholders of subsidiary Founder Securities, regulator says