Posted 10/29/2023, 11:02:00 PM
China Evergrande Gets 5 More Weeks to Restructure Debt, Avoid Liquidation
- Hong Kong court grants China Evergrande 5 more weeks to come up with new debt restructuring plan
- Evergrande faces liquidation if no "concrete" proposal by Dec 4 hearing
- Evergrande defaulted on offshore debt in 2021, engulfed in debt crisis
- Earlier restructuring plan disrupted by probe into founder Hui Ka Yan
- Evergrande now planning to convert debt into equity in two listed units
- Liquidation could send shockwaves, but seen having little impact on operations
- Fellow developer Logan Group also gets reprieve on winding-up order to Dec 4
- Logan suspended offshore debt payments last year, began restructuring talks