Evergrande Creditors Seek Control in Bid to Avoid Bankruptcy
A key offshore creditor group of China Evergrande Group, which owns about $2 billion in offshore notes guaranteed by Evergrande, supports maintaining the developer's operations to ensure the completion and delivery of homes, according to the South China Morning Post. The group issued a statement urging that Hengda Real Estate, Evergrande's flagship onshore unit, be allowed to continue operating, stating that a bankruptcy process would be value-destructive and detract from the common goals of completing projects and ensuring the long-term sustainability of Hengda. Evergrande has until a court hearing on Monday to present a revised debt restructuring proposal for offshore creditors.
