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Modern Land (China) seeks closure of Chapter 15 bankruptcy case
By Sarah Lizee
Olympia, Wash., Jan. 9 – Modern Land (China) Co., Ltd. is seeking to close its Chapter 15 bankruptcy case, according to a motion filed Friday with the U.S. Bankruptcy Court for the Southern District of New York.
The company recently closed an offshore debt restructuring for five series of senior notes under its Cayman Islands scheme arrangement.
As previously reported on Dec. 30, the company gained support for an offshore debt restructuring in late March, affecting the company’s 12.85% senior notes due October 2021 (ISIN: XS1986632716), 11.8% senior notes due February 2022 (ISIN: XS2110675860), 11˝% senior notes due November 2022 (ISIN: XS2202152703), 9.8% senior notes due April 2023 (ISIN: XS2277613423) and 11.95% senior notes due March 2024 (ISIN: XS2127478316).
A hearing on the foreign representative’s final report and motion for case closure is scheduled for Feb. 14.
The Beijing-based property developer is focused on the development of green, energy-saving and eco-friendly residences in China. The company filed Chapter 15 on June 3, 2022 under case number 22-10707.
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