Daily Management Review

Evergande given last chance to present debt restructuring plan


China’s Evergrande, a Chinese real estate developer, has been granted one final opportunity to reorganize its debt.

Dinkun Chen
Dinkun Chen
According to MarketWatch, the Hong Kong court has given the company time till December 4 to produce a new debt restructuring plan before reconsidering its liquidation.

Judge Linda Chan stated that the court is "highly likely" to order Evergande's liquidation unless the company presents a specific proposal at the next hearing.

At the end of 2021, the company, which owed over $300 billion, went into default. Evergrande filed a debt restructuring plan in March 2023, requesting that its foreign creditors exchange bonds for fresh paper.

However, the business abandoned the prior restructuring plan in September, stating that it will be revised instead. The developer claimed as early as October 20 that it was in talks with its creditors about terms for debt restructuring.

source: marketwatch.com