China Evergrande Group is seeking to complete one of the country’s biggest debt restructurings after posting a combined loss of more than $81 billion over two years.
The defaulted real estate giant asked to convene meetings for offshore creditors to approve its credit overhaul plan, after reporting long-delayed financial statements for 2021 and 2022. Court hearings are scheduled to take place next week, exchange filings showed late Monday.
Losses at China’s most indebted developer shed light on the company’s latest struggles, offering creditors more clues as the developer seeks to restructure its offshore debt. They underscore how much Evergrande has struggled amid a housing crisis that has rocked the world’s second-largest economy over the past two years after the government restricted borrowing by developers.
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