© Reuters. FILE PHOTO: An aerial view shows the 39 buildings developed by China Evergrande Group that authorities have issued demolition order on, on the manmade Ocean Flower Island in Danzhou, Hainan province, China January 6, 2022. Picture taken with a drone. REUT
HONG KONG (Reuters) – Embattled property developer China Evergrande Group said on Thursday that holders of more than 77% of its Class A offshore debt by value submitted support for its restructuring proposal, and it would extend the deadline for receiving an incentive to 5:00 p.m. Hong Kong time on May 18.
Term sheets published last month showed creditors would receive a 0.25% consent fee based on the outstanding principal of their debts by way of new notes if they agreed to support the restructuring by Thursday at 0900 GMT.
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