-- Some creditors of Glory Health Industry Ltd. convinced a New York state court that they have standing to sue the Chinese property developer for missing payments on its bond, a ruling that further clarifies which bondholders are eligible to file legal claims.Saudi Wealth Fund Said to Be in Talks to Buy National AirlineExxon Chief Goes on the Offensive as Wall Street Sours on ESG
The order could make New York law-governed dollar notes “more easily enforceable as a general matter, which could even impact pricing,” said Kobre & Kim LLP attorney John Han, who represents bondholders in the case. Investors “may no longer need to form groups to take action, and can make and quickly execute on strategic decisions without going through a bond trustee.”
Glory Health argued that the governing debt documents only allow noteholders or a trustee to sue, not the investor group which includes Hong Kong-based BFAM Asian Opportunities Master Fund. But the plaintiffs responded that they received authorization from Euroclear Bank, the notes’ clearing system, to file the suit.
A Hong Kong court recently found that an investor was merely “beneficial” owner of dollar notes sold by Leading Holdings Group Ltd. and wasn’t qualified to file a winding-up petition, according to a recent post by local law firm Tanner De Witt.America’s Plumber Deficit Isn’t Good for the EconomyWarren Buffett: 12 Things Poor People Squander Money On
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