EGRNF - China Evergrande plans to publish debt restructure plan this week - report

2023-03-20 09:54:35 ET

• China Evergrande Group ( OTC:EGRNF ) ( OTC:EGRNY ), the world's most indebted property developer with over $300B in liabilities, is planning to release on Wednesday an offshore debt restructuring plan, the company's attorney told a Hong Kong court, as reported by Reuters on Monday.
• The move will enable Evergrande ( OTC:EGRNF ), which embarked on its debt restructuring process early last year, to restructure $22.7B of offshore debt
• An agreement with creditors is expected to be signed by the end of March, with the restructuring to take effect from the start of October, the article said. The once-mighty Chinese builder, which defaulted on dollar debt towards end-2021, also expects to publish in April and May its delayed financial reports for 2021 and 2022.
• In November, Evergrande's legal representative said the company expected to get support from offshore creditors by the end of February or in early March .

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