China Evergrande Group said that the company and the major creditors group reached an overseas reorganization agreement to laid the foundation for their debt restructuring.
Bloomberg reported that according to the announcement of the Hong Kong Stock Exchange on Monday (April 3), a member of the special group of the creditors holding Evergrande offshore bonds signed three reorganization support agreements.Evergrande said that if the creditor agrees with the proposal before 5 pm on April 27, it will receive an consent fee of 0.25%of its own amount of 0.25%.
The company once said that it is expected to sign a or more reorganized support agreement with the special group by the end of March. Evergrande's liquidation was extended to July 31.Evergrande said its shares continued to suspend trading until further notifications.
It is reported that in the Chinese real estate market crisis, Evergrande is at the forefront, and its debt restructuring scale is huge, which has a wide impact on China's financial system.Evergrande plans may be used for other developers who have planned to reorganize their debts.
Evergrande has previously announced the overseas debt restructuring plan, and 15 months have passed since its public offering bond default.Evergrande bond holders can get new bills, or new bills plus a combination of linked notes with China Evergrande, Evergrande Property, and Evergrande Auto stocks.Evergrande also sets the deadline for the effectiveness of debt restructuring, the time is December 15.
