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BFAM sues Chinese developer over debt repayment

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Hong Kong-based hedge fund BFAM Partners, an investment vehicle of US hedge fund Davidson Kempner, and other investors, have filed a lawsuit in New York seeking $201 million in debt repayment from Chinese property developer Glory Health, according to a report by Reuters.

The report cites a court filing dated 14 April as revealing that the group claim they are owed $141.4 million in principal, $9.4 million in premiums, and $50.4 million in interest.

According to the filing, Glory Health issued offshore bonds worth $334.8 million with 14.25% annual interest in February 2022, and promised to redeem at least $9.6 million worth of notes in April of the same month. Despite an extension to July 2022, the redemption failed to happen and the notes were deemed to be in default after creditors refused the developer an additional extension.

Glory Health has reportedly since failed to pay other interest and meet partial redemptions.

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