China Evergrande delays restructuring meeting amid financial concerns

26 Sep 2023 CW Team

China Evergrande announced that it would postpone the scheme meeting originally scheduled for September 25 and 26. This decision comes as the troubled property developer deems it necessary to revaluate the terms of the proposed restructuring.

Back on March 22, Evergrande had revealed its plans to restructure its $22.7 billion offshore debt. However, the company reported that its sales have not met expectations since then.

In a filing, the company stated, "Considering the current circumstances and after consultations with its advisors and creditors, Evergrande believes it's imperative to reassess the terms of the proposed restructuring to align with the company's current situation and meet the demands of its creditors."

Evergrande requires approval from over 75% of the holders of each debt class to proceed with the plan, which offers creditors various options, including exchanging debt for new bonds and equity-linked instruments backed by its own shares and those of its Hong Kong-listed subsidiaries.

With total liabilities exceeding $300 billion, including offshore debt, Evergrande has been at the epicenter of a property debt crisis, with several Chinese developers defaulting over the past year, leading many to engage in debt restructuring negotiations.

In a separate development, authorities in southern China detained some personnel from Evergrande's wealth management unit, potentially signaling a new investigation that could compound the challenges facing the property giant.

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