Evergrande Seeks to Avert Liquidation with Last-Minute Debt Restructuring Proposal

The world's most indebted property developer faces a Monday deadline to present a revised plan to offshore creditors, amidst growing concerns about the company's future.

• China Evergrande Group, the world's most indebted property developer, is seeking to avert a potentially imminent liquidation with a last-minute debt restructuring proposal.
• The defaulted company faces a Monday deadline to present a 'concrete' revised debt restructuring proposal for offshore creditors.
• If a liquidation order is issued, a provisional liquidator and then an official liquidator will be appointed to take control and prepare to sell the developer's assets to repay its debts.
• Evergrande's main offshore assets are its two listed units in Hong Kong - Evergrande Property Services Group and Evergrande New Energy Vehicle Group - as most of its other assets have been sold or seized by creditors.
• While a winding-up of the developer with $240 billion of assets would send shockwaves through already fragile capital markets, experts said it would not offer a blueprint on how liquidation might unfold for other embattled developers.

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