China Evergrande said in a statement yesterday that the winding up petition linked to a financial obligation of HK$862.5mn ($109.91mn) is not expected to affect its restructuring plans or timetable, as reported by Caixin Global. The Chinese developer will vehemently oppose the petition filed by Top Shine Global. Separately, Caixin Global notes that Evergrande has been active in communicating with its creditors to expedite its offshore debt restructuring plans and will likely announce its preliminary strategy by the end of July.
Evergrande’s 11.5% dollar bonds due in 2023 are trading lower at distressed levels of 8.375 cents on the dollar, down by 0.37 points.
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