HONG KONG : China Evergrande Group is aiming to unveil some debt restructuring terms before the next winding-up court hearing on March 20 in order to seek another adjournment, two sources with knowledge of the matter told Reuters.The world's most indebted property developer has been trying to reach agreem
HONG KONG : China Evergrande Group is aiming to unveil some debt restructuring terms before the next winding-up court hearing on March 20 in order to seek another adjournment, two sources with knowledge of the matter told Reuters.
Once China's top-selling developer, Evergrande has been at the centre of a property debt crisis that has seen multiple developers default on offshore debt obligations over the past years, forcing many to enter into debt restructuring talks. The developer told the court at that time it aimed to win creditors' approval for its debt restructuring proposals by as early as the end of February.
The debt-to-equity swap plan was suggested by Evergrande as a core part of its restructuring plan, but bondholders have been pushing for better terms, three of the sources said.
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