- Title: China Evergrande to unveil debt restructure details on Wednesday
- Date: 21st March 2022
- Summary: SUZHOU, JIANGSU PROVINCE, CHINA (FILE - OCTOBER 22, 2021) (REUTERS) (MUTE) ***WARNING: CONTAINS FLASH PHOTOGRAPHY*** VARIOUS OF DRONE FOOTAGE SHOWING UNFINISHED EVERGRANDE APARTMENTS SUZHOU, JIANGSU PROVINCE, CHINA (FILE - SEPTEMBER 23, 2021) (REUTERS) HALF-BUILT RESIDENTIAL BUILDING BY CHINA EVERGRANDE SIGN READING (Chinese / English): "EVERGRANDE TOURISM GROUP" SIGN READING (Chinese / English): "EVERGRANDE" HALF-BUILT EVERGRANDE RESIDENTIAL BUILDINGS / CONSTRUCTION SITE BALCONIES OF HALF-BUILT BUILDINGS BUILDINGS AT EVERGRANDE CULTURAL TOURISM CITY SIGN READING (English): "EVERGRANDE" VARIOUS OF SIGN READING (Chinese): "EXHIBITION CENTER OF EVERGRANDE CULTURAL TOURISM CITY" LUOYANG, HENAN PROVINCE, CHINA (FILE - SEPTEMBER 16, 2021) (REUTERS) VARIOUS OF HALF-BUILT RESIDENTIAL BUILDINGS BY EVERGRANDE VARIOUS OF HOARDING AROUND THE CONSTRUCTION SITE VARIOUS OF MODELS OF PROPERTY DEVELOPMENT IN EVERGRANDE DISPLAY SHOWROOM SHENZHEN, GUANGDONG PROVINCE, CHINA (FILE - SEPTEMBER 13, 2021) (REUTERS) EVERGRANDE INVESTORS GATHERED AROUND THE HEADQUARTERS OF CHINA EVERGRANDE GROUP EVERGRANDE INVESTORS PUSHING, POINTING, AND YELLING AT EVERGRANDE GROUP REPRESENTATIVE EVERGRANDE INVESTOR ON THE FLOOR, CRYING AND YELLING SECURITY GUARDS ASSEMBLING GUANGZHOU, GUANGDONG PROVINCE, CHINA (FILE - JUNE 12, 2015) (REUTERS) GUANGZHOU EVERGRANDE EXECUTIVES AND FORMER HEAD COACH OF GUANGZHOU EVERGRANDE FC, LUIZ FELIPE SCOLARI, POSING FOR CAMERAS AND FANS AT A NEWS CONFERENCE EVERGRANDE FOUNDER AND CHAIRMAN HUI KA YAN (LEFT) AND SCOLARI (RIGHT) GUANGZHOU EVERGRANDE FC LOGO, READING (English): "BE THE BEST FOREVER, GUANGZHOU" FANS CHEERING HUI AND SCOLARI SEATED
- Embargoed: 4th April 2022 02:58
- Keywords: China Evergrande Group Hui Ka Yan company crisis debt development economy property real estate
- Location: SUZHOU, LUOYANG, SHENZHEN, GUANGZHOU, HONG KONG, DANZHOU, CHINA
- City: SUZHOU, LUOYANG, SHENZHEN, GUANGZHOU, HONG KONG, DANZHOU, CHINA
- Country: China
- Topics: Asia / Pacific,Company News Markets,Economic Events
- Reuters ID: LVA001024701011970RP1
- Aspect Ratio: 16:9
- Story Text: Evergrande Real Estate Group Co Ltd, a unit of embattled developer China Evergrande Group, said on Thursday (March 23) it failed to pay interest on 4 billion yuan ($586.6 million) bonds due that day, amid one of China's biggest debt restructuring processes.
In a statement late on Thursday, the firm said it would actively negotiate with bondholders and jointly resolve debt risks and safeguard the legitimate rights and interests of creditors in accordance with the law.
China Evergrande Group had planned to publish an offshore debt restructuring term sheet on Wednesday (March 22), aiming to sign an agreement with creditors by month-end. A representative of a key offshore bondholder group said after a court hearing on Monday (March 20) that it had agreed on Evergrande's proposed restructuring terms, a vital move paving the way for the developer to restructure offshore debt of $22.7 billion.
The restructuring is to take effect from Oct 1.
With more than $300 billion in liabilities, including the offshore debt, Evergrande began its debt restructuring process early last year amidst a property debt crisis in which multiple developers defaulted on offshore debt obligations over the past few years, forcing many to enter into debt restructuring talks. - Copyright Holder: FILE REUTERS (CAN SELL)
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