Advisers to international bondholders in Evergrande, the Chinese property developer that defaulted on its debts in 2021, have warned about a potential liquidation after its restructuring plan was unexpectedly derailed last month.
Investors were on the brink of a critical vote on the plan in late September when the developer revealed in a Hong Kong stock exchange filing that it could not proceed, citing domestic regulators and an unspecified investigation into the company.
The bondholder group, which is represented by investment bank Moelis and law firm Kirkland & Ellis, criticised what they called Evergrande’s “botched efforts to obtain PRC regulatory approval”, which they said had left investors “in the dark”.
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