China Oceanwide Holdings Ltd.-which in recent months has defaulted on loans tied to two of the largest developments in Los Angeles and San Francisco-is facing court-ordered liquidation after a Bermuda court issued a winding-up order against the company.
The Beijing-based firm disclosed the order in a filing with the Hong Kong Stock Exchange, Bloomberg reported. The report said liquidators have been appointed and the company's shares have stopped trading.
A winding-up order is a court order to close down a company and liquidate its assets, following a winding-up petition filed by a creditor after unsuccessful attempts to recoup their money.
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