EGRNF - China Evergrande said to consider staggered payments equity swap on $19B of debt

China Evergrande (OTCPK:EGRNF) (OTCPK:EGRNY) is mulling over a plan to repay ~$19B of its offshore public bonds with cash installments and equity in two of its Hong Kong-listed units, Reuters reported Friday, citing two sources. The Chinese real estate developer has been struggling with cash liquidity problems after property sales in China slumped and missed payments on some bonds late last year, putting the company in default. It has ~$22.7B of offshore debt, including loans and private bonds. Part of the new plan would convert the $19B of bonds into new bonds, which would be repaid in installments over a period of seven to 10 years, one of the people told Reuters. One of the sources told Reuters that up to 20% of the offshore debt could be swapped for equity in Evergrande Property Services Group (OTCPK:EVGPY) and China Evergrande New Energy Vehicle Group (OTCPK:EVGRF). In January, a group of

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China Evergrande said to consider staggered payments, equity swap on $19B of debt