New World Gets Bump in Support for Its Debt Swap Proposal

Hong Kong developer New World Development Co., the poster child of the city’s distressed property sector, received a small increase in bondholder support for its debt swap plan as a second early bird deadline closed, a filing showed.

The company said the amount of perpetual bonds to be exchanged rose by $94.9 million, while $32.7 million more conventional bonds will be issued to swap for existing notes. That brings it to 69% of its total $1.9 billion target of new notes to be swapped, according to Bloomberg calculations.