Distressed real estate developer China Evergrande is said to have received support from major creditors for its offshore debt restructuring plan, as per people familiar with the matter. The people added that Evergrande had upped its preliminary proposal including terms of a debt-to-equity swap and the amortization arrangement in a debt extension, Bloomberg reported. This comes ahead of a winding up petition hearing on Monday, and if confirmed, would serve as a key reference point for offshore debt restructurings of other distressed Chinese developers.

Evergrande’s dollar bonds are currently trading at deep-distressed levels of ~9 cents on the dollar.

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