Real Estate
China Developer Yuzhou Needs Cash to Proceed With Restructuring
- Lawyer tells US judge that firm is working to boost liquidity
- Yuzhou needs to make certain payments by an Aug. 31 deadline
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Distressed Chinese developer Yuzhou Group Holdings Co. needs financing to press ahead with an offshore restructuring plan that received court approval last year, according to a company lawyer.
The builder will use the next six months to “shore up its liquidity in advance of making the payments due on the restructuring effective date,” Christopher Hunker, a counsel at Linklaters on behalf of Yuzhou, said during a Tuesday bankruptcy court hearing in New York.