A Hong Kong court postponed a court hearing on troubled Chinese property developer Evergrande Group’s (恆大集團) winding-up petition scheduled for yesterday until Jan. 29.
Evergrande is trying to win support from its creditors for a plan to restructure more than US$300 billion in debt to stave off liquidation. The company’s lawyer told the court it was requesting an adjournment to “refine” its new debt restructuring plan.
The Hong Kong High Court has postponed the hearing over Evergrande’s potential liquidation several times. Judge Linda Chan (陳靜芬) had said in October that yesterday’s hearing would be the last before a decision is handed down.
Chan yesterday urged the company to have “more direct discussion with relevant authorities to confirm that what is on the table is doable” and said that “transparency is also key.”
Evergrande, the world’s most indebted property developer, could be ordered to liquidate if creditors reject its plan.
Neil McDonald, a lawyer at Kirkland & Ellis LLP, which represents a group of creditors, described the adjournment as a “surprise.”
Yesterday, the company issued a statement denying claims in a report by Hong Kong-based GMT Research that Evergrande was never profitable and had overstated its revenue for years.
Evergrande said GMT’s report was “without basis,” adding that it would provide more clarification in due course.
The company first defaulted on its financial obligations in 2021, just over a year after Beijing clamped down on lending to property developers in an effort to cool a property bubble. It declared bankruptcy in the US this year.
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