Some offshore creditors of China Evergrande Group are planning to join a winding-up court petition filed against the cash-strapped developer if it doesn't submit a new debt revamp plan by next month, two sources familiar with the matter said. Evergrande's offshore debt restructuring plan, unveiled in March, has been thrown into uncertainty after the developer said on Sunday that it was unable to issue new debt due to an ongoing investigation into its main unit in China.
SYDNEY - Some offshore creditors of China Evergrande Group are planning to join a winding-up court petition filed against the cash-strapped developer if it doesn't submit a new debt revamp plan by next month, two sources familiar with the matter said.
The embattled developer has been seeking creditors' approval for its proposals to restructure offshore debt worth $31.7 billion which includes bonds, collateral, and repurchase obligations. A group of Evergrande bondholders were surprised by the firm's weekend announcement which said it was unable to issue new notes, and have been seeking meetings with the developer to seek more information, said the two sources.
The number of creditors who are considering the move and the size of their holdings of Evergrande bonds were not known.
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