Bloomberg reported that property developer China Evergrande Group has not yet reached an agreement on a debt restructuring framework with its creditors.
The agreement is crucial to avoiding court-ordered asset liquidation.
Evergrande planned to get support from noteholders by early March as it faces a court hearing on Mar. 20 in Hong Kong on a winding-up petition filed last June.
- Sources told Bloomberg that there is still no deal with an ad-hoc group of dollar bondholders.
- In November, Judge Linda Chan asked Evergrande to offer up something concrete during its March appearance.
- According to sources, bondholders are asking for the property developer's entire stake in its electric vehicle and property management arms, but the company has offered much less.
