Court grants Evergrande five more weeks to avert liquidation
A Hong Kong court gave China’s cash-strapped property giant Evergrande Group five more weeks to make a deal with creditors or face liquidation.
The High Court agreed to adjourn a hearing to wind up the company today (October 30) to December 4.
Justice Linda Chan said Evergrande must come up with a “concrete” revised restructuring proposal before that date, or the court is “very likely” to issue a winding-up order.
Evergrande Group is estimated to have more than US$300 billion of liabilities
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@centralbanking.com or view our subscription options here: http://subscriptions.centralbanking.com/subscribe
You are currently unable to print this content. Please contact info@centralbanking.com to find out more.
You are currently unable to copy this content. Please contact info@centralbanking.com to find out more.
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Printing this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email info@centralbanking.com
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Copying this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email info@centralbanking.com
More on Regulation
BoE and FCA set out plan to oversee ‘critical third parties’
Regulators fear growing reliance on outsourced services could threaten financial stability
Crypto, trade and environmental crime among AML/CFT risks – IMF
Staff propose increasing country assessments to twice per year
Basel Committee mulls mandatory climate disclosures
Proposals envisage "iterative process" of adding climate risks to Basel framework
Cyprus central bank defends supervision after sanctions-busting claims
Prime minister pledges report after media investigation says Russians used local firms to dodge sanctions
BoE promises new ‘rulebook’ for clearing houses and CSDs
Official says post-Brexit arrangements will be ‘more adaptable and dynamic’
CFPB proposes supervising large non-bank payment firms
Regulator says this is a part of a larger programme to monitor big tech
CCPs’ stress-test results have improved, BoE says
UK institutions can absorb default losses and maintain liquidity better than in 2021–22, regulator says
US sanctions Russia-linked investment bank in Hungary
Orbán government withdraws from lender called “spy bank” by opponent