Liquidators of property developer China Evergrande filed a liquidation petition on Thursday (28 November) in opposition to the Tianji Holding unit, guarantor of some offshore senior bonds issued by Scenery Journey, additionally a member of the group.
“The liquidators imagine that submitting for liquidation in opposition to Tianji Holding is within the pursuits of the Group’s collectors and different stakeholders,” Evergrande mentioned in a press release.
In its preliminary offshore debt restructuring proposal in April 2023, Evergrande supplied holders of notes issued by Scenery Journey and Tianji Holding the prospect to change their present debt for brand new notes with maturities of 4 to eight years.
The Hong Kong High Court will hear the winding-up petition on January 15, 2025.
Evergrande, the world’s most indebted property developer with greater than $300 billion in liabilities, was positioned into liquidation by a Hong Kong court docket in January following its offshore debt default in late 2021.
