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Bond Market News
Evergrande Bondholders Said to Have Pushed Own Debt Restructuring Plans
August 31, 2022
Bondholders of China Evergrande are said to have pushed their own plans for the developer’s debt restructuring. Sources added that the creditors submitted a proposal with a framework to restructure Evergrande’s $20bn in offshore debts. Kirkland & Ellis and investment bank Moelis & Co are currently advisers to Evergrande’s foreign creditors. Global funds including the likes of BlackRock, Ashmore, Prudential and BNP Paribas are creditors of the distressed developer. These global funds are said to have demanded that Evergrande’s chairman Hui Ka Yan repay liabilities with his own fortune, as per two sources. Regarding this, one source suggested that the chairman buy new shares issued by the company and use the capital to repay part of its offshore debts. The exact amount they have requested to be repaid via acquiring shares was not known. However, another source pointed out that Evergrande was unlikely to agree to the creditors’ demands as its current priority is focused on completing its pending residential projects in China.
Evergrande’s dollar bonds are trading at deeply distressed levels of 5-8 cents on the dollar.
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