Evergrande Plans August Creditor Meetings for Debt Plan Vote
- Hearings in Hong Kong, Cayman Islands set for this week
- Evergrande has already gained support from ad-hoc group
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China Evergrande Group received court approval to hold votes on its offshore-debt restructuring plan next month, the latest procedural step in an overhaul that now hinges on whether the defaulted builder can win more support from creditors.
An Evergrande lawyer said during a hearing Monday that the company planned to hold so-called scheme meetings in Hong Kong on Aug. 23 and 24. At those gatherings, the plan would be officially voted on. The court agreed to hold sanction hearings to sign off on the meetings’ vote results on Sept. 5 and 6.