SINGAPORE (Agefi-Dow Jones) – Chinese real estate developer China Evergrande Group said on Wednesday that the committee responsible for piloting its debt restructuring would mobilize significant resources to limit the risks for the company and would work with its creditors .
“Given the current risks for the company, the risk management committee of China Evergrande Group is using its significant resources and will work actively with the group’s creditors,” said the ailing promoter in a statement to the operator of the Hong Kong Stock Exchange.
This approach aims to “mitigate the risks for the group and protect the legitimate interests of the parties”, explained Evergrande.
The Chinese group announced on December 6 the creation of this committee, which includes representatives of several state-owned enterprises. The president and founder of Evergrande, Hui Ka Yan, chairs the committee, which also includes the group’s chief financial officer.
On December 3, Evergrande had announced that it would “work[ait] actively with its international creditors “to put in place a viable restructuring plan for its debt issued abroad.
Evergrande’s debt is equivalent to roughly $ 300 billion, including nearly $ 20 billion in US dollar-denominated bonds.
-Clarence Leong, The Wall Street Journal (French version Lydie Boucher) ed: JEB
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December 22, 2021 09:21 ET (14:21 GMT)