EGRNY - China Evergrande draws up restructuring plan as coupon grace period ends

China Evergrande (OTCPK:EGRNF -12.7%) (OTCPK:EGRNY -14.2%) stock falls further as the property developer struggles with its heavy debt load and faces the end of 30-day grace period for coupon payments of $82.5M. The company plans to include all of its public bonds and private debt obligations in a restructuring that could count among the country's biggest, Bloomberg reports, citing people familiar with the matter. The company formed a Risk Management Committee, it said in a filing with the Hong Kong Stock Exchange. The formal restructuring process hasn't yet started and the plan's details could change, they said. The restructuring would cover public bonds sold by Evergrande (OTCPK:EGRNF) and its Scenery Journey Ltd. unit, the people said. ~$260M of notes issued by joint venture Jumbo Fortune Enterprises that Evergrande guaranteed would also be included, one person told Bloomberg. The company's faces on Monday the end of a 30-day grace period for the payments

For further details see:

China Evergrande draws up restructuring plan as coupon grace period ends