China Evergrande said that it aims to come up with a restructuring proposal within the next six months in a creditors call held on Wednesday, adding that it will continue to “listen carefully to the opinions and suggestions of the creditors”. The announcement comes just a few days after it requested creditors not to take legal action. “I had no expectation prior to the call and no expectation after the call… frankly speaking, I believe the final decision making is led by the government, the company is relatively passive”, said one bondholder.

Evergrande’s dollar bonds continue to trade at distressed levels of around 16 cents on the dollar.

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