Times China opposes winding-up petition, hearing set for July 3

By Mary-Katherine Stinson

Lexington, Ky., April 16 – Times China Holdings Ltd. said it opposes the winding-up petition filed against the company on April 15 by Hang Seng Bank Ltd. and will “take all necessary actions to protect its legal rights,” according to a notice.

The financial obligations of the company are said to total about $173.2 million and HK$731.4 million.

The first hearing date at the High Court of the Hong Kong Special Administrative Region is set for July 3.

The company stated it intends to continue to proactively communicate and work with its offshore creditors on the restructuring plan, with the objective of announcing terms to the market as soon as practicable.

Times China is a property development holding company based in Guangzhou, China.

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