A Hong Kong court has given China Evergrande Group a five week reprieve to come up with a deal with creditors or face liquidation. The court agreed to further adjourn a hearing to wind up Evergrande to Dec. 4, with the next hearing being the last before a decision is made on liquidating the company.
A Hong Kong court gave China Evergrande Group a five week reprieve to come up deal with creditors or face liquidation after the embattled developer said on Monday it was working on a revised debt restructuring plan.
Evergrande, which has more than $300-billion of liabilities, defaulted on its offshore debt in late 2021 and became the poster child of a debt crisis that has since engulfed China’s property sector. Evergrande’s lawyer told the court on Monday the company plans to “monetize the value” of its two Hong Kong-listed units.
China’s property sector accounts for about a quarter of the activity in the world’s second-largest economy. Its woes have rattled global markets and prompted a slew of measures by Beijing to reassure investors and homeowners. A lawyer for the bondholders group told the court they supported the adjournment, because a restructuring plan could have a higher recovery rate for creditors than a liquidation scenario of less than 3 per cent.
Hong Kong Court China Evergrande Group Creditors Liquidation Debt Restructuring Liabilities Debt Crisis Property Sector Investigation Restructuring Plan Bondholders
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