Evergrande’s revised plan came about due to founder Hui Ka Yan’s arrest, derailing initial debt restructuring.
A lawyer for representing an ad hoc group of key bondholders told a Hong Kong court on Monday the restructuring plan could have a higher recovery rate for creditors than a liquidation scenario of less than 3%. Creditors would be given existing shares of the two units, the first source said, in a deal that would need to be approved by Chinese regulators.
The second source said the new plan was driven by a work committee under the southern Guangdong provincial government that has been overseeing Evegrande’s restructuring since late 2021, after the developer defaulted on its debts. The provincial government did not respond to a request for comment. Creditors were allowed to either swap all of their holdings into new notes with maturities of 10 to 12 years, or convert them into different combinations of new notes with tenors of five to nine years and equity-linked instruments, with no direct haircut.
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