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China Evergrande to delay creditors' meetings amid fresh restructuring plan

Published 08/16/2023, 07:45 AM
Updated 08/16/2023, 07:50 AM
© Reuters. FILE PHOTO: The company logo is seen on the headquarters of China Evergrande Group in Shenzhen, Guangdong province, China September 26, 2021. REUTERS/Aly Song/File Photo
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(Reuters) - Embattled property developer China Evergrande Group on Wednesday resolved to delay its meetings for the Hong Kong CEG class A and class C holders of debt to provide them more time to consider its fresh restructuring plan.

The company adjourned its meetings for the creditors to Aug. 28. The meeting will consider the $3.2 billion restructuring plan that was unveiled on Monday to reduce debt and stay afloat.

© Reuters. FILE PHOTO: The company logo is seen on the headquarters of China Evergrande Group in Shenzhen, Guangdong province, China September 26, 2021. REUTERS/Aly Song/File Photo

The deadline for the submission (or resubmission) of the relevant forms to vote on the schemes and attend the adjourned meetings has been extended to 5:00 p.m. (Hong Kong time) on Aug. 23.

Trading in the company's shares, which were suspended on March 21 last year, will remain suspended until further notice, the company said.

 

 

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