HONG KONG (Reuters) - Embattled property developer China Evergrande Group said on Thursday that holders of more than 77% of its Class A offshore debt by value submitted support for its restructuring proposal, and it would extend the deadline for receiving an incentive to 5:00 p.m. Hong Kong time on May 18.
Term sheets published last month showed creditors would receive a 0.25% consent fee based on the outstanding principal of their debts by way of new notes if they agreed to support the restructuring by Thursday at 0900 GMT.