Evergrande Signs Restructuring Deal With Major Creditors
- Debt-laden developer calls agreement ‘substantial milestone’
- Needs to convince other creditors, release financial results
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China Evergrande Group said it’s clinched an offshore restructuring deal with a key creditor group, laying a cornerstone in the property developer’s debt-overhaul road.
Members of an ad-hoc group of investors holding Evergrande offshore notes signed three restructuring support agreements, according to a Hong Kong stock exchange filing late Monday. The plan allows bondholders to receive new notes or a combination of new debt and instruments tied to shares of subsidiaries.