Page 24 - Debt Restructuring News Today : Breaking News, Live Updates & Top Stories | Vimarsana

China Evergrande has proposed a new debt restructuring plan for offshore bondholders, offering to swap their debts into about a 30% equity stake in each of the developer's two Hong Kong-listed subsidiaries, according to two sources familiar with the matter. The property firm's offshore bondholders holding about $19 billion of debt are likely to take a major haircut on their investments if they agree to the new terms, said the two sources who declined to be named because they were not authorised to speak with media. Evergrande did not respond to a request for comment.

China Evergrande Group's fate will be tested on Monday as Hong Kong's High Court hears a winding-up petition against the embattled property developer, nearly two years after it defaulted on its debts. Evergrande had been working on an offshore debt restructuring proposal for more than a year-and-a-half, but its plans were thrown off course last month when billionaire founder Hui Ka Yan was confirmed to be under investigation for suspected criminal activities. A liquidation of Evergrande, which listed total assets of $240 billion as at end-June, would send further shockwaves through...

Observers contend that entering restructuring agreements will be crucial in helping nations out of their current crisis.

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