China Evergrande Group on Wednesday announced plans for the restructuring of its $22.7 billion in offshore debt, which could set a template for distressed rivals and shape investor sentiment on the country's embattled property sector.
With more than $300 billion in total liabilities including offshore debt, Evergrande has been at the centre of a property debt crisis in which multiple Chinese developers defaulted over the past year, forcing many to enter debt restructuring talks.
The developer expects the proposed restructuring to facilitate an orderly resumption of business operations and gradual generation of cash flow for debt repayment. The developer said it expects to agree restructuring support agreements with different groups of bondholders by March 31, with restructuring taking effect on Oct. 1.that a key bondholder group had agreed to its proposed terms. It also said the company expects its overdue financial reports for 2021 and 2022 to be released in April and May.
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