Glory Health Facing Legal Action for Missed Bond Payments

Some creditors of Glory Health Industry Ltd. have been granted standing to sue the Chinese property developer for missing payments on its bond, clarifying eligible bondholders for legal claims. Glory Health sought to dismiss a lawsuit from a group of investors, but investors holding 42% via prime brokers were deemed eligible to sue by the Supreme Court of the State of New York. The court's ruling on March 11 denied Glory Health's motion to dismiss, and the order was released later in the week.