Evergrande Scraps Creditor Meetings, Revisits Restructuring Plan
- Developer cited sales that have “not been as expected”
- Firm faces a winding-up hearing at Hong Kong court Oct. 30
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China Evergrande Group canceled key creditor meetings that had been set for early next week and said it must reassess its proposed restructuring, adding further uncertainty to what would be one of the nation’s biggest ever restructurings.
The distressed developer cited sales that have “not been as expected,” in scrapping the so-called scheme meetings that had been planned for Sept. 25-26, in an exchange filing Friday night.