China Evergrande Will Swap Defaulted Debt in Court Restructuring

(Bloomberg) — China Evergrande Group, once among China’s biggest developers and now a poster child for its property crisis, laid out details of a multi-billion dollar restructuring plan that calls for its offshore creditors to swap their debt for new securities.

The proposal, released Wednesday and coming 15 months after Evergrande first defaulted on its public dollar bonds, addresses debt tied to Evergrande, its Scenery Journey Ltd. unit and offshore financing arm Tianji Holding Ltd.