Troubled property developer China Evergrande sketched out the first contours of a long-awaited restructuring plan
China Evergrande Group sketched out the first contours of a long-awaited restructuring plan, saying creditors could end up with debts directly backed by some of its most valuable assets outside of China.
The troubled property developer, however, didn’t specify how much of its roughly $20 billion of international debt by face value it is seeking to write down. And after months of work, it didn’t release a specific plan, saying only that it planned to do that sometime “within 2022.”
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