Vanke Dollar Bondholders Approached by Advisor as Woes Grow

China Vanke Co.’s offshore creditors have started fielding requests for talks with potential advisors, a sign that investors are preparing for a worsening of the developer’s debt crisis.

The distressed builder’s bondholders have been approached by Houlihan Lokey Inc., which is seeking to advise them, people familiar with the matter said. Such steps are often a prelude to forming so-called ad hoc committees that typically act as noteholders’ main representative in restructuring talks.