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Chinese property giant Evergrande Group won a temporary reprieve from possible bankruptcy Monday after a Hong Kong court gave it more time to try to restructure debts of more than $300 billion.
COLOMBO (Reuters) -Sri Lanka's pact with creditor nations to restructure its debt prepares the way for the International Monetary Fund (IMF) to consider clearing the first review of a bailout next month, the global lender said on Thursday. Battling its worst financial crisis in decades, the Indian Ocean nation had been trying since last year to strike restructuring deals with creditors after record low foreign exchange reserves led to a default on foreign debt in May 2022. Wednesday's in-principle deal comes about a month after Sri Lanka's pact with the Export-Import Bank of C...
China Evergrande Group, the world's most indebted property developer, is seeking to avert a potentially imminent liquidation with a last-minute debt restructuring proposal, three people with direct knowledge of the matter said. The defaulted company has until a Hong Kong court hearing on Monday to present a "concrete" revised debt restructuring proposal for offshore creditors, a judge said last month after its original plan had lapsed. But the sources, who declined to be named as the talks are private, told Reuters that creditors were unlikely to accept Evergrande's new p...
A group of Sri Lanka's creditor nations are likely to reach an agreement on debt relief and an extension of repayment deadlines for the South Asian nation, Japan's Jiji News reported on Wednesday, without naming a source or giving any details. Japan co-chairs this group, together with France and India. China is Sri Lanka's largest bilateral creditor and has steered clear of joining this group as a formal member.
Japan co-chairs the official creditor committee, together with France and India