Evergrande did not file court documents by requested time -source
© Reuters. FILE PHOTO: An Evergrande sign is seen near residential buildings at an Evergrande residential complex in Beijing, China September 27, 2023. REUTERS/Florence Lo/File Photo) Group did not submit defence documents to a Hong Kong court before a deadline that comes ahead of a winding-up hearing against the company scheduled for next Monday, a person with knowledge of the matter said.
Evergrande and the Hong Kong High Court did not respond immediately to requests for comment. Failure to show the judge that a restructuring plan is progressing could increase the chances of a winding-up order, lawyers said. That plan was thrown off course when Evergrande last month confirmed that its billionaire founder Hui Ka Yan was under investigation for suspected criminal activities. The company did not get regulatory approval for issuing new dollar bonds, which is a crucial part of the restructuring plan, and has not held the creditor vote.
Its offshore bondholders said this month they were surprised by announcements that its restructuring plan failed to meet regulatory requirements, and raised concerns about a possible liquidation.