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Liquidators of China Evergrande file winding-up petition against co's unit
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Liquidators of China Evergrande file winding-up petition against co's unit
Nov 28, 2024 6:40 AM

Nov 28 (Reuters) - Liquidators of property developer

China Evergrande ( EGRNF ) on Thursday presented a winding-up

petition against unit Tianji Holding, a guarantor for certain

offshore senior notes issued by Scenery Journey which is also a

member of the group.

"The Liquidators consider the winding-up petition

against Tianji Holding to be in the interest of the creditors

and other stakeholders of the Group," Evergrande said in a

statement.

In its initial offshore debt restructuring proposal in

April 2023, Evergrande

offered

holders of notes issued by Scenery Journey and Tianji

Holding the option to exchange their existing debt for new notes

with maturities of four to eight years.

The High Court of Hong Kong is set to hear the

winding-up petition on Jan. 15, 2025.

Evergrande, the world's most heavily indebted property

developer with over $300 billion in liabilities, was ordered

into liquidation by a Hong Kong court in January following its

offshore debt default in late 2021.

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