Distressed developer Evergrande revises restructuring plan amid increasing uncertainty
Also read: China Evergrande's EV unit suspends $500 million share subscription deal, stock to resume trading The development adds to Evergrande’s increasingly uncertain fate, after the company said late last month that founder Hui Ka Yan has been suspected of committing crimes and placed under police control. The world’s most indebted developer with liabilities exceeding $300 billion will face an October 30 court hearing in Hong Kong of a petition to wind up the firm, which could lay bare the once-unthinkable possibility of liquidating its assets.
Such an outcome would wreak havoc on the struggling company that’s trying to finalize a restructuring plan to pay back creditors. Also read: Evergrande shares volatile as trading resumes after suspension Evergrande, the poster child of China’s real estate debt crisis with about $327 billion of liabilities, comes to the hearing when more liquidations have been ordered.
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