(Archyde.com) – Foreign funds holding bonds of China Evergrande Group have finalized their own debt restructuring plans. It is asking the chairman of the company, Hsu Jiayin, to repay the debt with his own funds.
The Financial Times (FT) reported on the 30th, citing multiple sources.
The company has finalized plans to restructure $20 billion in offshore debt after it failed to provide a repayment plan by the July deadline, the people said. He has also proposed to Chairman Xu Jiayin to purchase new shares issued by the company and use the capital to pay off some of its offshore debt.
The company could not be reached for comment.