China Evergrande debt restructuring incentive to test creditor appetite – Reuters

HONG KONG, April 27 (Reuters) – Embattled property developer China Evergrande Group (3333.HK) will get a signal on Thursday of the level of creditor backing for its offshore debt restructuring proposal, with investors to be given an incentive for early support.

While some major creditors have already agreed to support the restructuring proposal, others are eager to cut ties with the debt-laden company and move on.

Evergrande, the world’s most indebted property developer with $300 billion of total liabilities, has been at the centre of a debt crisis that has seen multiple Chinese developers default over the past year and seek to restructure debt.

The company’s offshore dollar bonds are trading at 6.8 cents to 7.2 cents on the dollar, accor…

Read the full article at: https://www.reuters.com/world/china/china-evergrande-debt-restructuring-incentive-test-creditor-appetite-2023-04-27/