Evergrande Liquidation Hearing Postponed, Buys Time for Debt-Restructuring Plan

The world's most indebted developer faces potential liquidation if an acceptable plan is not presented by the next hearing.

China's Evergrande Group has been granted an adjournment for a court hearing focused on a potential liquidation, allowing the property developer time to finalize a revamped debt-restructuring plan.
The decision came as the world's most indebted developer with more than $300 billion in liabilities sought adjournment unexpectedly unopposed by the petitioner's lawyer.
Evergrande defaulted on offshore debt in late 2021, becoming the poster child of a debt crisis that has engulfed China's property sector.
Evergrande is likely to be wound up at the next hearing if it does not come up with a plan accepted by all classes of creditors.
Under revised terms, Evergrande is offering shares to creditors - 17.8% of China Evergrande Group, 21.6% of Evergrande Property Services Group and 28.5% of Evergrande New Energy Vehicle Group.