Niaga AWANI: Offshore Creditors Threaten Liquidation of China Evergrande Group Amid Debt Crisis
  • 7 bulan lalu
Offshore creditors of China Evergrande Group are considering joining a court petition to liquidate the cash-strapped developer if it fails to present a new debt restructuring plan by the next month. This creditor group holds a significant portion of Evergrande's offshore bonds, potentially strengthening the legal action initiated by an investor in a Hong Kong court. Evergrande's previous offshore debt restructuring plan, announced in March, faces uncertainty as the company is unable to issue new debt due to a regulatory investigation into its main unit in China. The ongoing turmoil in China's debt-heavy property sector poses a threat to Beijing's economic stability efforts and raises concerns about a potential spillover into the country's banking system. Evergrande has been seeking creditors' approval for its proposals to restructure $31.7 billion in offshore debt, which includes bonds, collateral, and repurchase obligations. The plan offers options such as swapping debt holdings into new bonds with maturities of 10 to 12 years.
Disyorkan