China Evergrande Group lost $2.2 billion, or 79% of its market value, on Monday after its shares resumed trading in a crucial step for the world’s most indebted property firm to restructure its offshore debt.
The developer said on Monday it would postpone by a month meetings for these creditors to vote on the proposal to give more time “to maximise creditor engagement and support informed-decision making”. The scheme meetings will now take place on Sept 26, instead of Monday.
Its Hong Kong listed shares closed down 79% to HK$0.35 on Monday.
Published in The Express Tribune, August 29th, 2023.
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