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Property developer, China Evergrande Group (OTC:EGRNF) disclosed extending the creditors' voting record time related to its offshore debt restructuring plan.
The company, in the filing, said that it is extending the voting record time to September 20 from August 23, with scheme meetings with creditors adjourned to September 26 from August 28.
The company lost around 80% of its market value, equivalent to $2 billion today, after the shares resumed trading on August 28, as per Reuters.
As per the report, China Evergrande seeks approval from over 75% of the holders of each debt class to support the plan, which offers creditors a basket of options to swap debt for new bonds and equity-linked instruments backed by its shares and those of its Hong Kong-listed units.
China Evergrande has been in crisis with debt defaults, unfinished homes, and unpaid suppliers, as per the report.
The company shares have been suspended since March 21, 2022, and restarted trading after it disclosed fulfillment of the Hong Kong Stock Exchange conditions.
On August 17, China Evergrande filed for Chapter 15 bankruptcy protection in a U.S. Court.
Related: Evergrande's US Chapter 15 Filing: A Calculated Move Amid China's Looming Property Crisis?
Yesterday, China Evergrande reported an H1 FY23 net loss of RMB(33.0) billion ($4.53 billion), which narrowed from RMB(66.4) billion a year ago on higher revenues (RMB 128.2 billion vs. RMB89.3 billion a year ago).
Posted In: EGRNF
