Offshore creditors of China Evergrande might be able to increase their chance of recovering funds if they can prove the property developer is due money from ...
HONG KONG - Offshore creditors of China Evergrande might be able to increase their chance of recovering funds if they can prove the property developer is due money from onshore subsidiaries, to which they would therefore be entitled, experts said.
"Offshore creditors who can prove Evergrande lent money to these onshore restructured businesses have a legal right to claim back money, based on experience," said Glen Ho, Deloitte China's national turnaround and restructuring leader. Evergrande liquidators - appointed by the Hong Kong court to represent offshore creditors - declined to comment. Its flagship onshore operation Hengda Real Estate declined to comment.
"The process will be lengthy and it will be hard to navigate the mainland restructuring process," Ho said. With legal cases both onshore and off, creditor interests could also clash while they pursue the same assets. "Letting the court handle such complicated cases, and making sure procedures are followed in the spirit of justice, is more important than who gets what," he said.AP News in Brief at 11:04 p.m. EDTWe recently compiled a list of the 10 Best Advertising Stocks to Buy According to Short Sellers. In this article, we are going to take a look at where Pegasystems Inc. stands against the other advertising stocks.
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