HONG KONG : Embattled property developer China Evergrande Group said on Thursday it would extend the deadline for receiving an incentive for its debt restructuring proposal to May 18 as the company disclosed levels of support from offshore debt-holders for its proposal. Evergrande said that 77 per cent ho
HONG KONG : Embattled property developer China Evergrande Group said on Thursday it would extend the deadline for receiving an incentive for its debt restructuring proposal to May 18 as the company disclosed levels of support from offshore debt-holders for its proposal.
The deadline to sign to receive an incentive gave an early signal of the level of creditor backing for a vote on the restructuring expected later this year that requires approval from more than 75 per cent in creditor value in each debt class to pass. The company's offshore dollar bonds are trading at 6.8 cents to 7.2 cents on the dollar, according to Duration Finance, versus the recovery rate of 2.1 per cent to 9.3 per cent forecast in liquidation scenario that Evergrande cited in its restructuring proposal.
The chance of blocking the offshore debt restructuring deal, however, was low because the company had secured support from major bondholders and dissenters accounted for a relatively small proportion of voting power, said Brandon Gale, head of the Asia financial restructuring group at Evergrande's adviser Houlihan Lokey.
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