China Evergrande Group creditors will vote on the developer’s offshore-debt overhaul proposal Monday, a key step in a protracted process to finalize a blueprint for what would be one of the country’s biggest restructurings ever.
The creditors are slated to meet Monday evening Beijing time at the offices of law firms Sidley Austin LLP in Hong Kong and Maples & Calder in the British Virgin Islands to cast their votes on the defaulter’s offshore debt restructuring plan. Court hearings on the results will take place in Hong Kong, Cayman and British Virgin Islands between Sept. 1 and 6.
Evergrande didn’t immediately offer comment when reached Friday by Bloomberg News. The builder is poised to resume stock trading on Monday, ending a 17-month halt. The company, which is undergoing a lengthy debt restructuring process, reported a loss attributable to shareholders of 33 billion yuan for the six months ended June 30, according to a filing to the Hong Kong stock exchange Sunday.
Evergrande received court approval to hold votes on its offshore debt restructuring plan in July, with the so-called scheme meetings originally scheduled for last week.
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