China Evergrande revises terms of proposed restructuring


CHINA Evergrande Group said on Friday 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 U.S. bankruptcy court scheduled to be held on Oct. 25 will be adjourned. - Reuters

Follow us on our official WhatsApp channel for breaking news alerts and key updates!

Eversendai , construction , engineering

   

Next In Business News

Malaysia implements MPSO 2.0 to boost sustainable palm oil standards
Malaysia's economic momentum to continue into 2025, GDP to grow 6%
Permaju in capital reduction bid
Calls for EU to seek ‘win-win’ tariff position
Retailers face higher costs from hike in power rates
New energy dominates Inner Mongolia’s power supply
CBH Engineering set to capitalise on chip sector
Hong Kong’s billionaire Cheng family aims to sell China toll roads
JS Solar eyes ACE Market IPO
Oxford Innotech eyes ACE Market listing

Others Also Read