Evergrande reported a loss attributable to shareholders of 33 billion yuan for the six months ended June 30th. Photograph: Mickey Lee/Alamy/PAChina’s Evergrande Group delayed creditor meetings on its offshore-debt restructuring proposal just hours before they were to occur Monday, adding to uncertainty in a protracted process to finalise one of the country’s biggest restructurings ever.
Creditors had been 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. Evergrande sought Chapter 15 bankruptcy protection in New York, a move that if granted would protect it from creditors in the US while it works on a restructuring deal elsewhere.
The gatherings had previously been pushed back several days, which the builder said was to give creditors time to consider the implications of a stock sale by the developer’s electric-vehicle unit. Based on March’s roadmap, Evergrande creditors can receive new notes maturing in 10 to 12 years or a combination of new debt and instruments tied to the shares of the automaker, the developer’s property-services unit or the builder itself.
Finance Finance Latest News, Finance Finance Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
The Week Ahead: Chinese economy to be put to the test in August PMIThe Business Post looks ahead to key events in the world of business over the next seven days
Source: businessposthq - 🏆 8. / 71 Read more »