Eight developers face court battles

Bloomberg and staff reporter

At least eight major distressed Chinese firms, including a China Evergrande (3333) unit, are set to defend themselves in court cases relating to their debt problems over the next few weeks, in one of the busiest stretches ever for such hearings.

Tianji Holding, an offshore subsidiary of Evergrande and a guarantor to some of the defaulted builder's dollar notes, was scheduled to make its case in a Hong Kong court yesterday, along with HNA Group and Suning Sports International. However, the court postponed the wind-up hearing to March 12.

Another Evergrande subsidiary, CEG Holdings BVI, was given a liquidation order earlier this month.

In addition, a three-day hearing kicked off yesterday in the UK to decide whether state-backed builder Sino-Ocean Group Holding's (3377) offshore restructuring plan can proceed.

The case is being closely watched as a key bondholder group has been calling on creditors to oppose the plan.

Sunac China Holdings (1918), one of the first major developers to restructure its offshore debt, earlier said it can't rule out a second restructuring.