By Sherry Qin China Evergrande's shares fell early Monday after the property developer scrapped a $35 billion debt-restructuring plan designed to ensure its...
China Evergrande's shares fell early Monday after the property developer scrapped a $35 billion debt-restructuring plan designed to ensure its survival and said it is unable to issue new debt.
The troubled property developer said in an exchange filing on Friday that it needed to cancel key creditor meetings and scrap its restructuring plan due to worse-than-expected property sales and that it would search for another path forward that"reflects the company's objective situation and the demand of the creditors."
Without a new deal, bondholders who lent around $15 billion to Evergrande could pursue a liquidation of the company, which could further weigh on China's already crippled real-estate market.
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