China Evergrande is set to meet with an ad-hoc group of dollar bondholders in its first in-person meeting on January 11 to decide on its restructuring framework. In late November, Evergrande told bondholders that its restructuring proposal may include swapping debt for shares in its Hong Kong-listed auto and property management units. The creditor group had asked the Chairman Hui Ka Yan to inject at least $2bn in personal wealth into Evergrande as a precondition to agree for any proposal. Sources note that the ad-hoc group is expected to layout a “counter-offer” to Evergrande’s proposal. No clear details regarding its restructuring have emerged till date ever since its planned release in July 2022.
Evergrande’s dollar bonds were trading stable at 8-9 cents on the dollar.
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