EGRNF - China Evergrande provincial officials to meet as developer works with creditors

The government of China's Guangdong province will send advisers to meet with China Evergrande (OTCPK:EGRNF -8.3%)(OTCPK:EGRNY -3.3%) Chairman Hui Ka Yan after the debt-laden real estate developer said it plans to work with creditors on a restructuring plan for its offshore debt, Bloomberg reports. The regional officials will urge Evergrande (OTCPK:EGRNF) to manage risks, strengthen internal controls and management, and ensure normal operations, the government said on its website. Earlier on Friday, the company said in a filing it can't guarantee that it will have enough funds to meet its financial obligations. It said it's received a demand to meet obligations for ~US$260M. If Evergrande (OTCPK:EGRNF) can't pay that amount, "it may lead to creditors demanding acceleration of repayment," the company said. The Guangdong government said it's "highly concerned about the filing. The People's Bank of China, the country's central bank, said the risk of any one real estate firm

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China Evergrande, provincial officials to meet as developer works with creditors