China Aoyuan seeks closure of Chapter 15 bankruptcy case

By Sarah Lizee

Olympia, Wash., April 1 – China Aoyuan Group Ltd. is seeking closure of its Chapter 15 bankruptcy case, according to a notice filed Monday with the U.S. Bankruptcy Court for the Southern District of New York.

As previously reported, the company and Add Hero have satisfied all of the restructuring conditions under each of their schemes, including payment of all the RSA fees (the cash component) for further distribution to the relevant scheme creditors (who are not sanctions-affected scheme creditors).

China Aoyuan and Add Hero designated March 20 as the restructuring effective date.

The company noted that the distribution of the relevant scheme consideration entitlement under the China Aoyuan and Add Hero schemes was set to begin on the immediate next business day following the restructuring effective date. The distribution is being effected through the respective intermediaries of the scheme creditors and may take up to several business days for the full distribution process to be completed.

As a reminder, China Aoyuan had entered into its restructuring support agreement in July 2023 to implement a comprehensive restructuring of some of its $6.2 billion of secured and unsecured debt.

Formerly China Aoyuan Property Group Ltd., the investment holding company is based in Guangzhou, China. The Chapter 15 case number is 23-12030.

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