🍎 🍕 Less apples, more pizza 🤔 Have you seen Buffett’s portfolio recently?Explore for Free

China Evergrande gains more than 77% backing of Class A debt holders for debt restructuring incentive

Published 04/27/2023, 02:05 AM
Updated 04/27/2023, 11:01 AM
© Reuters. FILE PHOTO: An aerial view shows the 39 buildings developed by China Evergrande Group that authorities have issued demolition order on, on the manmade Ocean Flower Island in Danzhou, Hainan province, China January 6, 2022. Picture taken with a drone. REUT
USD/CNY
-
HLI
-

© Reuters. FILE PHOTO: An aerial view shows the 39 buildings developed by China Evergrande Group that authorities have issued demolition order on, on the manmade Ocean Flower Island in Danzhou, Hainan province, China January 6, 2022. Picture taken with a drone. REUTERS/Aly Song/File Photo

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.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.