Liquidators of China Evergrande file winding-up petition against co's unit (updated)

China Evergrande New Energy Vehicle

28/11/2024 14:15

(Adds details and background from paragraphs 2)
       Nov 28 (Reuters) - Liquidators of property developer
China Evergrande  3333.HK  on Thursday presented a winding-up
petition against unit Tianji Holding, a guarantor for certain
offshore senior notes issued by Scenery Journey which is also a
member of the group. 
        "The Liquidators consider the winding-up petition
against Tianji Holding to be in the interest of the creditors
and other stakeholders of the Group," Evergrande said in a
statement. 
  
        In its initial offshore debt restructuring proposal in
April 2023, Evergrande 
    offered
     holders of notes issued by Scenery Journey and Tianji
Holding the option to exchange their existing debt for new notes
with maturities of four to eight years. 
  
        The High Court of Hong Kong is set to hear the
winding-up petition on Jan. 15, 2025.
  
        Evergrande, the world's most heavily indebted property
developer with over $300 billion in liabilities, was ordered
into liquidation by a Hong Kong court in January following its
offshore debt default in late 2021.
  
        
  

 (Reporting by Roshan Thomas in Bengaluru; editing by David
Evans and Toby Chopra)
 ((Roshan.Thomas@thomsonreuters.com;))