off-the-wire

China Evergrande gains more than 77% backing of Class A debt holders for debt restructuring incentive

Kitco Media
By Reuters
Published:
Updated:
Reuters

HONG KONG, April 27 (Reuters) - Embattled property developer China Evergrande Group (3333.HK) said on Thursday that holders of more than 77% of its Class A offshore debt by value submitted support for its restructuring proposal, and it would extend the deadline for receiving an incentive to 5:00 p.m. Hong Kong time on May 18.

Term sheets published last month showed creditors would receive a 0.25% consent fee based on the outstanding principal of their debts by way of new notes if they agreed to support the restructuring by Thursday at 0900 GMT.

Reporting by Riya Sharma in Bengaluru and Clare Jim in Hong Kong
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