China’s Evergrande Fails to Win Creditors’ Support as Liquidation Looms
(Bloomberg) — China Evergrande Group, the developer at the epicenter of the country’s real estate crisis, has yet to reach an agreement with major creditors on a debt restructuring framework crucial to avoiding potential court-ordered asset liquidation, people familiar with the matter said.
There is still no deal with an ad-hoc group of dollar-bondholders, according to the people, who asked not to be identified speaking about a private matter. The clock is ticking. Evergrande has said it wanted to get support from the note holders by early March and it faces a March 20 court hearing in Hong Kong on a winding-up petition.
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