China Evergrande, one of China’s largest property developers, has announced its plan to convene two agreement arrangement meetings for its creditors. The company aims to seek approval for the Hong Kong Evergrande Agreement Arrangement at a hearing scheduled to take place at the High Court of the Hong Kong Special Administrative Region on July 24.
In a notice issued on July 14, Evergrande informed its creditors about the upcoming hearing and distributed the information through the settlement system and trading website, ensuring wider dissemination. Morrow Sodali Limited, the information agent for the schemes of arrangement, also sent a practice statement letter to all creditors via email.
The arrangement meetings will be held separately for the creditors of Group A debt and Group C debt. Evergrande is seeking their consideration and discretion for the approval of the agreement arrangement. The company intends to issue an order for convening the meetings.
China Evergrande recently made headlines due to its financial troubles, with concerns over its ability to repay its massive debt obligations. The company has been working on various measures to address these concerns, including negotiations with creditors and the proposed asset restructuring plan.
As the news broke, stock market responses were closely watched, and investors were reminded to exercise caution and make informed decisions. Oriental Fortune, the publisher of this content, emphasized that it is disseminating information and it does not constitute investment advice.
Evergrande’s financial situation and its efforts to find a viable solution will continue to be closely monitored by observers and stakeholders in the property development sector.