China Evergrande to Withdraw Offshore Debt-Restructuring Applications
The developer had filed for the offshore debt restructuring with a U.S. court last August
China Evergrande Group EGRNQ -22.45%decrease; red down pointing triangle is withdrawing its applications for Chapter 15 offshore debt restructuring filed in the U.S.
The heavily-indebted Chinese property developer said that it, along with SJ and Tianji Holdings, had submitted documents to pull their applications for offshore debt restructuring on March 22, according to a filing on the Hong Kong Stock Exchange late Sunday.
Tianji and SJ are Evergrande’s main overseas financing platforms.
The developer had filed for the offshore debt restructuring with a U.S. court last August, but has since been ordered to liquidate by a court in Hong Kong in January.
Evergrande defaulted in late 2021 after running up liabilities of more than $300 billion.