Hong Kong Builder Emperor Wins Bank Group’s Backing for Loan Extensions

Hong Kong builder Emperor International Holdings Ltd. has won the backing of a key group of banks for a pillar of its restructuring plan — a proposal to extend about HK$16.5 billion ($2.1 billion) in overdue loans.

The group, which is known as the coordination committee and is made up of banks with a majority interest in Emperor’s loans, agreed in principle to extend the maturity of the borrowings to July 31, 2027, and is in the process of making final approvals, according to people familiar with the matter. The extension is five months less than what Emperor had sought earlier.