New World Gets 100% Lender Approval for $11 Billion Refinancing

Distressed Hong Kong builder New World Development Co. has secured written commitments from all banks for a HK$87.5 billion ($11.1 billion) loan refinancing, people familiar with the matter said, bringing it closer to finalizing the critical lifeline just days before a deadline.

The deal is all but done, with only procedural steps left for lenders to sign the loan documents, which should happen shortly, according to the people. It brings relief just as investors had been closely watching debt deadlines including interest totaling $9.2 million due Friday and Monday on three local-currency bonds.