Evergrande offshore creditors mull liquidation

28 Sep 2023 CW Team

This creditor group holds a substantial portion of Evergrande's offshore bonds, and their involvement would add significant weight to the petition previously filed against the developer by an investor in a Hong Kong court.

Evergrande's offshore debt restructuring plan, revealed in March, has faced uncertainty following the company's announcement that it cannot issue new debt due to an ongoing regulatory investigation into its primary unit in China.

The deepening turmoil in China's debt-laden property sector poses a risk to Beijing's efforts to stabilise the economy and raises concerns among investors about potential repercussions in the country's banking system.

Evergrande has been seeking approval from creditors for its proposals to restructure offshore debt amounting to $31.7 billion, including bonds, collateral, and repurchase obligations. The plan included various options for offshore creditors, such as exchanging some of their debt holdings for new bonds with maturities of 10 to 12 years.

A group of Evergrande bondholders, surprised by the company's announcement that it cannot issue new notes, has been trying to arrange meetings with the developer for more information.

If Evergrande fails to submit a new debt restructuring plan by October 30, this creditor group is prepared to support the existing winding-up petition filed against the developer. While this group had initially favoured finding a restructuring solution for Evergrande's debt, the recent announcement has dimmed hopes for a resolution.

The petition to liquidate Evergrande was filed by Top Shine Global, an investor in Evergrande unit Fangchebao, in June 2022. The hearing for that petition was adjourned to October 30 to await the outcome of Evergrande's creditor meeting to vote on its debt restructuring plan, which requires approval from over 75% of each debt class.

The situation remains uncertain, with the timing and outcome of the creditor meeting now in doubt. Evergrande has not yet responded to requests for comment.

A significant group of offshore creditors of China Evergrande Group is considering joining a court petition to liquidate the financially troubled developer if it fails to present a new debt restructuring plan by next month, according to two sources familiar with the situation.This creditor group holds a substantial portion of Evergrande's offshore bonds, and their involvement would add significant weight to the petition previously filed against the developer by an investor in a Hong Kong court.Evergrande's offshore debt restructuring plan, revealed in March, has faced uncertainty following the company's announcement that it cannot issue new debt due to an ongoing regulatory investigation into its primary unit in China.The deepening turmoil in China's debt-laden property sector poses a risk to Beijing's efforts to stabilise the economy and raises concerns among investors about potential repercussions in the country's banking system.Evergrande has been seeking approval from creditors for its proposals to restructure offshore debt amounting to $31.7 billion, including bonds, collateral, and repurchase obligations. The plan included various options for offshore creditors, such as exchanging some of their debt holdings for new bonds with maturities of 10 to 12 years.A group of Evergrande bondholders, surprised by the company's announcement that it cannot issue new notes, has been trying to arrange meetings with the developer for more information.If Evergrande fails to submit a new debt restructuring plan by October 30, this creditor group is prepared to support the existing winding-up petition filed against the developer. While this group had initially favoured finding a restructuring solution for Evergrande's debt, the recent announcement has dimmed hopes for a resolution.The petition to liquidate Evergrande was filed by Top Shine Global, an investor in Evergrande unit Fangchebao, in June 2022. The hearing for that petition was adjourned to October 30 to await the outcome of Evergrande's creditor meeting to vote on its debt restructuring plan, which requires approval from over 75% of each debt class.The situation remains uncertain, with the timing and outcome of the creditor meeting now in doubt. Evergrande has not yet responded to requests for comment.

Infrastructure Urban

25 Oct 2025

Tata Communications Revives Nagan Thangal Lake in Tamil Nadu

Tata Communications, in partnership with Pitchandikulam Forest, has rejuvenated Nagan Thangal Lake in Upparapalayam village, Tamil Nadu, transforming the 15.01-acre site into a thriving ecological and community hub. Launched in 2022 under *Project Nanneer* (“good water” in Tamil), the initiative has improved water security, biodiversity, and community engagement, as per a recent study by the Watershed Organisation Trust Centre for Resilience Studies (W-CReS). Once a vital but neglected water source for 2,800 residents, the lake’s capacity had dropped by 75 per cent. Through land shaping..

Infrastructure Urban

25 Oct 2025

PTC Industries Wins GTRE Order for Single Crystal Turbine Blades

PTC Industries Limited, a leading manufacturer of high-performance materials and precision-engineered components for aerospace and defence, has received a Purchase Order from the Gas Turbine Research Establishment (GTRE), Defence Research and Development Organisation (DRDO), for Post-Cast Operations to produce Single Crystal ‘Ready-to-Fit’ Turbine Blades. The announcement was made in the presence of Raksha Mantri Rajnath Singh and Uttar Pradesh Chief Minister Yogi Adityanath at the inauguration of PTC’s Titanium & Superalloys Materials Plant in Lucknow. This marks the first time an Indi..

Technology

25 Oct 2025

NCBA unveils East Africa’s first cloud-based corporate platform

Nairobi, 23 October 2025: NCBA Bank has launched Connect Plus, an advanced transaction banking platform powered by Intellect’s eMACH.ai Digital Transaction Banking solution, becoming the first bank in East Africa to adopt a cloud-based corporate banking system. The upgraded platform enhances transaction speed, payment flexibility, cash liquidity management, and integration with other financial platforms, offering a secure and intuitive experience for corporate clients. James Gossip, Managing Director, NCBA Kenya, said the launch aligns with Kenya’s Vision 2030 Digital Economy initiative,..