Evergrande Extends Incentive Deadline as Support Falls Short
- About a third of Class C debtholders have acceded to agreement
- Consent fee deadline for creditors has been extended to May 18
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China Evergrande Group extended by three weeks a deadline for debtholders to receive compensation for backing the embattled developer’s restructuring plan, as the firm has yet to win enough support for the massive overhaul.
Creditors holding more than 30% of a class of debt including margin loans and repurchase obligations have acceded to a restructuring support agreement, Evergrande said in a statement to the Hong Kong exchange Thursday. That’s short of the 75% it would need from each group of creditors to implement the restructuring through so-called schemes of arrangement, as Evergrande has said it expects to do.