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Logan Group avoided the same fate as Evergrande after the HK court dismissed the liquidation petitions filed against the company by its creditors. Last month, the court had extended the adjournment of liquidation proceedings by a month to allow a group of banks to replace the original petitioners who were happy with the company’s restructuring proposals. The court passed the adjournment order in Friday’s hearing after Logan signed a restructuring agreement for $6.6bn of its offshore debt with a key bondholder group.
Logan bonds continue to trade at deeply distressed levels of 10-11 cents on the dollar.
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