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Bond Market News
Hong Kong Court Rules on Evergrande’s Liquidation
January 29, 2024
China Evergrande has been ordered to liquidate according to a ruling by the Hong Kong court earlier this morning. The judge ordered liquidation, citing lack of a concrete restructuring plan proposal by the company despite getting several extensions. Evergrande’s liquidation hearing was last adjourned in December 2023. According to the ruling, the court will appoint a provisional liquidator for the company later today, who will take over Evergrande’s management and handle its affairs including negotiating debt restructuring with creditors. The liquidation will likely be a complicated process due to cross-jurisdictional
Evergrande’s bonds continue to trade at deeply distressed levels of 1-2 cents on the dollar.
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