HONG KONG (AP) A Hong Kong court on Monday ordered property developer China Evergrande Group to liquidate after it was unable to reach a restructuring deal with creditors.
Judge Linda Chan said it was appropriate for the court to order Evergrande to wind up its business given a lack of progress on the part of the company putting forward a viable restructuring proposal as well as Evergrandes insolvency.
Evergrande was granted a brief reprieve in December after it said it was attempting to refine a new debt restructuring plan of more than $300 billion in liabilities.
Fergus Saurin, a lawyer representing an ad hoc group of creditors, said Monday he was not surprised by the outcome.
The company has failed to engage with us. There has been…
Read the full article at: https://www.yakimaherald.com/news/nation_and_world/business/court-orders-china-evergrande-property-developer-to-liquidate-after-it-failed-to-reach-debt-deal/article_e086e858-eb39-57c7-ae67-1bca4579cb8a.html