China Evergrande to meet with some yuan bondholders to delay redemption date

  • 1/4/2022
  • 00:00
  • 5
  • 0
  • 0
news-picture

BEIJING/HONG KONG, Jan 5 (Reuters) - China Evergrande Group (3333.HK) said on Wednesday it will hold an online meeting with some yuan bondholders on Jan. 7-10 to vote on proposals including one on delaying the redemption date of some bonds to July 8 from Jan. 8. The bonds in question are Hengda Real Estate Group"s 4.5 billion yuan ($156.92 million) 6.98% January 2023 bond, which gives bondholders the option to sell bonds back to the issuer this weekend Trading in the bonds will be halted from Jan. 6 ahead of the meeting with bondholders, Hengda, the flagship property arm of Evergrande, said in a statement. The proposed change in redemption date is due to the "current operational status" of the issuer, it added, without elaborating. Evergrande is struggling to repay more than $300 billion in liabilities, including nearly $20 billion of offshore bonds deemed in cross-default by ratings agencies last month after it missed payments. Evergrande shares listed in Hong Kong eased over 1% on Wednesday morning, versus a 0.5% drop in the broader market (.HSI). ($1 = 6.3725 Chinese yuan renminbi)

مشاركة :