Evergrande asked offshore creditors to not take any “radical legal actions” against the company. The request comes after its creditors stated that they will take “all necessary actions” if the company did not show urgency to resolve a default. Evergrande announced it was looking to discuss a debt restructuring plan with overseas creditors. Additionally, Evergrande named Liang Senlin, chairman of Cinda (HK) Holdings Company Limited and Siu Shawn, chairman of Evergrande New Energy Vehicle Group Ltd, as new board members of the company. Evergrande said, “The board, the risk management committee and the entire company are sparing no effort… to formulate a comprehensive, detailed and effective debt restructuring plan to protect the legal rights of all parties.” Evergrande’s dollar bonds are trading at distressed levels of around 17 cents on the dollar.
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