Embattled hotel operator South Shore Holdings will face an inter partes hearing in Hong Kong today after being served with an urgent ex parte notice and a writ of summons in the High Court of Hong Kong.
According to a filing by South Shore late Thursday, the proceedings relate to a statutory demand the company received from a lender in early June to make payment of HK$3.28 billion (US$423 million) in outstanding loans and interest or face a winding up petition against the company.
South Shore said Thursday that the ex parte application was heard before Justice Keith Yeung of the High Court of Hong Kong on Monday with the plaintiffs seeking urgent injunctive relief against the company and its subsidiaries. The company opposed the application with the matter directed to be fixed for an inter partes hearing from 10am today (Friday).
The plaintiffs subsequently issued a writ of summons in the High Court of Hong Kong under HCA 1054/2021 against the Company and its subsidiaries. Thereafter, the Plaintiffs issued an inter partes summons seeking the same injunctive relief, which South Shore said is returnable at the High Court today.
According to the published High Court writ, seen by IAG, the plaintiffs are the Hong Kong and Macau branches of Bank of Communications Co Ltd.
The defendants are listed as South Shore and seven of its subsidiaries, including Louis XIII Holdings and The 13 Investments (BVI). If successful, the plaintiffs would likely be granted access to South Shore’s assets, including THE 13 Hotel in Macau, for potential sale to recoup debts.
The legal proceedings come with South Shore facing challenges on multiple fronts. Last month the company applied to the Macau court for voluntary liquidation of its wholly-owned subsidiary New Concordia Hotel Limited, the sole beneficial owner of THE 13 Hotel.
The application could see New Concordia declared bankrupt and South Shore potentially delisted from the Hong Kong Stock Exchange due to insufficient operations as required under listing rules.
RelatedPosts
