Modern Land China’s Chapter 15 bankruptcy closed by court

By Sarah Lizee

Olympia, Wash., March 1 – Modern Land (China) Co., Ltd.’s Chapter 15 bankruptcy case was closed by the U.S. Bankruptcy Court for the Southern District of New York on Feb. 22, according to a notice.

On Dec. 30, the company closed an offshore debt restructuring for five series of senior notes under its Cayman Islands scheme arrangement.

As previously reported, the company gained support for an offshore debt restructuring in March 2022, affecting the company’s 12.85% senior notes due October 2021 (ISIN: XS1986632716), 11.8% senior notes due February 2022 (ISIN: XS2110675860), 11˝% senior notes due November 2022 (ISIN: XS2202152703), 9.8% senior notes due April 2023 (ISIN: XS2277613423) and 11.95% senior notes due March 2024 (ISIN: XS2127478316).

The Beijing-based property developer is focused on the development of green, energy-saving and eco-friendly residences in China. The company filed Chapter 15 on June 3, 2022 under case number 22-10707.

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