Powerlong Real Estate Unit Faces Liquidation Application Over Unpaid Debt

MT Newswires Live
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Powerlong Real Estate Holdings' (HKG:1238) subsidiary Powerlong Real Estate (BVI) Holdings is facing a liquidation application filed in the Eastern Caribbean Supreme Court in the Virgin Islands.

The petition, brought by Oasis Management, AM Asia Strategies, and PAG-P Asia Fund, relates to an alleged non-payment of $198.8 million in senior bonds due August 2024.

The hearing is set for April 28. Powerlong is negotiating with creditors and seeking legal measures to oppose the application, emphasizing its commitment to sustainable operations.

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