China Evergrande Group, struggling under $327 billion of liabilities, has surprisingly scrapped creditor meetings scheduled for next week as home sales sagged and lawsuits snowballed, dragging bondholders back to the drawing board in the country’s biggest corporate restructuring, reports the South China Morning Post.
The developer cancelled four meetings for two classes of its creditors in Hong Kong and the Cayman Islands set for September 26, according to an exchange filing late on Friday. Two meetings on September 25 for another group of bondholders in Hong Kong and the British Virgin Islands were also halted.
The company will make further announcements when there is an update in respect of amendment to the restructuring terms, it added. The meetings were previously adjourned by almost a month from late August, after the Shenzhen-based developer of fallen billionaire Hui Ka-yan fielded more questions from offshore creditors about the state of its business and financials.