EGRNY - China Evergrande is said to meet with creditors Friday to unveil restructuring plan

• China Evergrande Group ( OTC:EGRNF ) ( OTC:EGRNY ), the world's most indebted property developer with some $300B of liabilities, is planning to hold a meeting with its dollar bondholders Friday to provide details on its highly-anticipated restructuring blueprint, Bloomberg reported Thursday, citing people with knowledge on the matter.
• The Chinese builder found itself at the center of the country's property crisis, partly triggered following the country's 2020 crackdown on financial leverage and risk-taking in real estate, after defaulting on dollar debt towards the end of 2021.
• Its dollar notes are still trading under 10 cents on the dollar, Bloomberg noted, underscoring the developer's deep financial distress. Nevertheless, this upcoming bondholder meeting brings some hopes of Evergrande ( OTC:EGRNF ) potentially starting to make progress in resolving its debt woes.
• Friday's planned meeting between Evergrande ( OTC:EGRNF ) and an ad-hoc group of its dollar bondholders is subject to change, the people told Bloomberg. Media reports indicated that Evergrande initially told its offshore creditors it plans to present a restructuring proposal as soon as the first week of December.
• In November, Evergrande was said to seek creditor approval for restructuring proposals early 2023.

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