UK court approves Sino-Ocean's debt restructuring plan

LONDON, Feb 3 (Reuters) - London's High Court on Monday approved Chinese property developer Sino-Ocean Group's 3377.HK plan to restructure around $6 billion of its debt, despite opposition from an ad hoc group of creditors.

State-backed Sino-Ocean Group is attempting a parallel process in London and Hong Kong to restructure its offshore debt, as other developers have defaulted since the Chinese property sector's 2021 debt crisis.

The Hong Kong-listed firm asked the High Court to approve its plan but creditor Long Corridor had opposed it, arguing it was unfair to other creditors.

Judge Nicholas Thompsell said in a written ruling that he would sanction the London restructuring plan.