Xinyuan Real Estate (XIN) creditors filed for chapter 11 bankruptcy protection in US Bankruptcy Court in the Southern District of New York to collect on bonds that were due last year, according to an April 14 court filing.
Cithara Global Multi-Strategy, Mars Partner, and Star Freight & Trading are owed $65.8 million, according to the involuntary petition.
The filing noted that the company missed an interest payment in 2022 and failed to pay off $170 million in bonds that came due in January 2024.
Xinyuan has US assets that could help repay the bonds, the creditors said in the filing.
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