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EVERGRANDE UNITS TO BE PART OF REVISED DEBT PLAN, REP SAYS
* Judge adjourns company liquidation hearing for five weeks
* Company had said it’s no longer qualified to issue more debt
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By Dorothy Ma
October 30, 2023 at 10:08 AM GMT+1
Updated on
October 30, 2023 at 11:20 AM GMT+1
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2:07
China Evergrande Group will look to use its subsidiaries’ shares as key
components in any further debt-restructuring attempts, its legal representative
said, pointing to a possible path of avoiding an asset-liquidation order.
The equity-centered plan comes after the world’s most indebted developer shocked
creditors and other observers last month when it said it would reassess its
offshore-debt restructuring plan. The company said it was unable to meet Chinese
requirements to issue new bonds, which would have been a crucial part of its
debt overhaul.
The new tactic now would involve shares of China Evergrande New Energy Vehicle
Group Ltd. and Evergrande Property Services Group Ltd., the lawyer said at a
court hearing in Hong Kong Monday to determine if Evergrande should be wound up.
READ: Evergrande Liquidation Hearing Delayed in ‘The Last Adjournment’
The lawyer’s comment came as a reply to Judge Linda Chan’s question on how the
developer would craft a new plan despite its inability to restructure through
the “normal” means of issuing debt or shares.
The lawyer didn’t elaborate on the equity plan details. Chan eventually gave
Evergrande — the poster child for indebtedness in China’s troubled property
market — a reprieve by adjourning proceedings until Dec. 4 for it to hammer out
another restructuring plan.
Read more on Evergrande’s crisis
* The Scenarios Evergrande Would Face in a Potential Liquidation
* Evergrande Talks With Holdout Creditors Ahead of Wind-Up Hear
* Secretive Group of Holdout Creditors Is Key to Evergrande’s Fate
Evergrande’s original proposal included an option for some creditors to get
instruments tied to equity of the three firms. Their shares have all plunged
more than 80% this year.
The energy vehicle unit and the property service management arm are both penny
stocks trading below HK$0.50. Their combined market value is less than HK$10
billion ($1.3 billion).
Evergrande seems to have abandoned any hopes of issuing more debt. The lawyer
said the company’s key goal is not trying to “overturn” Chinese regulators’
decision.
Getting creditors’ backing for a new plan could prove challenging, as they are
becoming increasingly frustrated at the case’s lack of progress.
“It’s an ongoing saga of adjournments,” a legal representative for the
petitioner who sued for the wind-up said Monday at the hearing. “Enough is
enough.”
(Updates with additional reporting throughout.)
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