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Bond Market News
Evergrande’s Wind-Up Hearing Adjourned
December 4, 2023
China Evergrande’s winding-up hearing at a Hong Kong court has been adjourned to January 29, thus allowing it time to strike a restructuring agreement with creditors. This comes after an ad hoc creditor group said that they wanted Evergrande to continue operations and not declare bankruptcy. Evergrande earlier proposed offering 17.8% of the parent’s stake and 30% of each of the subsidiaries (Evergrande Property Services and China Evergrande NEV) as part of its restructuring options. But the creditor group holding over $6bn of Evergrande’s $19bn offshore notes wanted them to be swapped for controlling stakes. As yet, it is not clear if Evergrande has responded to the proposal.
Evergrande’s dollar bonds are trading a deeply distressed levels of just 2 cents on the dollar.
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