Evergrande Says Debt Restructuring Plan Is on Schedule for End of July

Debt-ridden property developer China Evergrande Group reaffirmed that a preliminary debt restructuring plan can be expected on schedule by the end of July in the company’s latest effort to allay creditors’ concerns over its ability to repay a mountain of debt.

Saddled with more than $300 billion of liabilities, Evergrande has shaken China’s real estate industry and global bond markets ever since its liquidity crisis escalated late last year when it missed payment on a $260 million dollar-bond guarantee, triggering cross-defaults of its offshore debts.