Evergrande Said Differences Narrowing In Debt Restructuring Talks - Caixin

Debt-laden developer Evergrande said disagreements are narrowing in its offshore debt restructuring plan, though it also admitted great uncertainty on repayment given the company’s massive debts and challenging business situation, Caixin reported. The major disagreement in the restructuring negotiation is that the current size of Evergrande’s overseas debt is out of proportion to its overseas executable assets, and creditors receive limited protection, said Caixin citing an unnamed dollar bond investor. Creditors’ expectations have already been lowered, but they still hope to obtain debt repayment protection from physical division of property, the newspaper said.