Evergrande Scraps Creditor Meetings, Revisits Restructuring Plan

00:00

00:00/00:00

Listen to this article 1x

At the epicenter of China’s property crisis, Evergrande is under pressure to finalize a blueprint for its offshore debt restructuring as it grapples with an even bigger pile of total liabilities. Photo: Bloomberg

(Bloomberg) — 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 Monday and Tuesday, in an exchange filing Friday night.