The Hong Kong High Court once again delayed the court hearing of an invitation case in Evergrande, China, and won more time for Evergrande's delayed debt restructuring plan.
According to Bloomberg, the Hong Kong High Court decided on Monday (November 28) to make the Listening of China Evergrande's liquidation after hearing the case until March 20, 2023.Although the postponement of court hearing leaves room for Evergrande, this will also force Evergrande to accelerate the process of formulating the debt restructuring plan because the court needs to see evidence in this area.
Top Shine Global (Top Shine Global, in June this year, he asked the China Evergrande Group as a creditor, involving Evergrande's financial obligations of HK $ 862.5 million (about S $ 152 million).Under the application of the creditors and other parties, the hearing of the liquidation case has been postponed from September to November.
Last month, a court of Hong Kong issued a liquidation order to the overseas entity of Sunshine City Group to ring the alarm for Chinese developers who are trapped in debt.Cleaning may cause the company to dissolve and sell assets.
Bloomberg quoted people familiar with the matter last week that Evergrande's overseas debt reorganization plan is reported to communicate with overseas creditors as soon as December in the first week of December to fulfill the company's commitment to the reorganization plan before the end of the year before the end of the year.EssenceIt is reported that the offshore creditor requires Xu Jiayin, the chairman of Evergrande's board of directors, to invest at least $ 2 billion.
China Evergrande has been in a liquidity crisis since 2020. After the U.S. dollar bonds breach at the end of last year, China's high -yield US dollar bond market with real estate debt has doubled pressure.With the continuous defaults of Chinese housing companies, Evergrande's restructuring plan will be regarded by the financial market and decision makers as an important precedent.
Evergrande stated in June that the company will strongly oppose the clearing of liquidation and expect that the invitation will not affect the company's reorganization plan or timetable.Hong Kong judges said in September that Evergrande's temporary creditors group opposed the clearing of liquidation, and they believed that the probability of getting a payment under the restructuring plan was higher than the company's liquidation.
