Embattled China Evergrande Group has announced a long-awaited restructuring plan to tackle at least US$19.15 billion of offshore debt, including proposals to swap its creditors’ debt into shares of some Hong Kong-listed affiliates, such as China Evergrande New Energy Vehicle Group.
“The proposed restructuring will alleviate the company’s pressure of offshore indebtedness and facilitate its efforts to resume operations and resolve issues onshore,” the company said in a filing to the Hong Kong stock exchange late on Wednesday night.
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