HONG KONG : Embattled property developer China Evergrande Group will hold a meeting with dollar bondholders on Wednesday to discuss its debt restructuring proposals, two sources familiar with the matter said on Friday.
Once China's top-selling developer, Evergrande is now at the centre of the country's property crisis. Its $22.7 billion of offshore debt, including loans and private bonds, is deemed to be in default after it missed payments late last year. The developer, which has $300 billion in total liabilities, told a Hong Kong court in November that it aimed to win creditors' approval for its debt restructuring proposals by as early as the end of February.Bloomberg first reported the meeting details.
The talks next week will be a face-to-face meeting between Evergrande and a group of its dollar bondholders who have signed confidentiality agreements to advance debt negotiations, one of the sources said.More specific details of the Wednesday discussions were not immediately clear. Evergrande in July said would offer its offshore creditors asset packages that may include shares in two overseas-listed units in the debt restructuring plan, and was later said to be considering onshore assets as sweetener for the plan.
Source: Loan Digest (loandigest.net)
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