China Evergrande delayed releasing its restructuring plan yet again, after having missed its self-imposed deadline of end-2022. The developer is currently facing a winding-up lawsuit in Hong Kong which it cited as one of the reasons for delaying its overhaul plans earlier last quarter. The next winding-up hearing date is on March 20. Evergrande initially promised to come up with a “preliminary restructuring plan” it by end-July 2022 but failed to do so. Bloomberg initially reported that Evergrande met an ad-hoc group of its dollar bondholders in early December to formally discuss a proposal and expected to receive support by the end of February or early March 2023.
Evergrande’s dollar bonds were unchanged at over 7 cents on the dollar
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