Yuzhou Group (HKG:1628) is working to boost its funding to facilitate its offshore debt restructuring plan, Bloomberg News reported Thursday, citing a lawyer for the company.
During a status conference held at a New York bankruptcy court on Tuesday, Yuzhou's lawyer, Christopher Hunker from Linklaters, stated that the company aims to "shore up its liquidity in advance of making the payments due on the restructuring effective date" within the next six months, according to a report.
The status conference, which addressed Yuzhou's Chapter 15 case, revealed that progress has been slow in recent months.
The company's financial difficulties have led creditors to agree to extend the deadline for meeting all restructuring conditions from Feb. 28 to Aug. 31.
(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)
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