New York state court allows some Glory Health Industry Ltd. bondholders to sue for missed payments.
A New York state court ruled that some creditors of Chinese property developer Glory Health Industry Ltd. have standing to sue for missed bond payments. This clarifies which bondholders can file legal claims. The ruling could potentially provide an expedient way for creditors to sue financially strapped bond issuers under New York law, which has jurisdiction over a large portion of Chinese companies' dollar-denominated notes.
March 18, 2024
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