China Evergrande revising terms of proposed restructuring
Add BT as a preferred source
CHINA Evergrande Group said on Friday (Oct 20) it was revising the terms of a proposed offshore debt restructuring deal to meet the firm’s situation and creditors’ demand, without providing details.
Evergrande, which is at the centre of China’s property sector debt crisis, said late last month that its billionaire founder was being investigated over unspecified crimes. It has also said it was unable to issue new debt – a crucial step in a restructuring – due to an ongoing investigation of its main unit.
Bondholders of the embattled property developer said last week they were surprised by announcements that its restructuring plan failed to meet regulatory requirements, and raised concerns about a possible liquidation.
In the filing on Friday, the developer said the scheme sanction hearings for Hong Kong CEG-class debt holders and the TJ scheme have been vacated, while the hearing of the company’s application to the US bankruptcy court scheduled to be held on Oct 25 will be adjourned. REUTERS
Decoding Asia newsletter: your guide to navigating Asia in a new global order. Sign up here to get Decoding Asia newsletter. Delivered to your inbox. Free.
Share with us your feedback on BT's products and services
TRENDING NOW
CSE Global independent director quits after clashes with chairman Eugene Lai over board refresh
What’s wrong with Orchard Road? Experts weigh in on the street’s cachet and its future
‘I felt like dying’: Thai Singha beer scion speaks up after disclosure of alleged sexual abuse
Rare brutalist Singapore house opens to the public before changing hands
