Evergrande’s creditors push Hui for $2 billion as review nears – Bloomberg (OTCMKTS:EGNF)

China’s debt-laden real estate developer Evergrande (OTC:EGRNF) (OTC:EGRNY) has told offshore creditors it plans to file a restructuring proposal as early as the first week of December, Bloomberg News reported on Thursday (Nov. 24).

The proposal may include an exchange debt for shares in the company’s Hong Kong-listed automotive and asset management units, the report said, citing unnamed sources.

A group of creditors asked chairman Hui Ka Yan to put at least $2 billion of his personal wealth into Evergrande as a condition for accepting any proposals from the company, he added.

The company plans to start restructuring talks next month and is paying through onshore assets to offer its US dollar bondholders additional credit.

The Chinese property developer has been struggling with more than $300 billion in debt that has spread throughout the country’s economy, with its suppliers now dealing with the aftermath.

Leave a Comment

Your email address will not be published. Required fields are marked *