(Reuters) – Liquidators of property developer China Evergrande (HK:) on Thursday filed a liquidation petition against the Tianji Holding unit, which guarantees certain offshore senior notes issued by Scenery Journey, which is also a member of the group.
“The administrators consider the liquidation request against Tianji Holding to be in the interests of the Group’s creditors and other stakeholders,” Evergrande said in a statement.
In its initial offshore debt restructuring proposal in April 2023, Evergrande offered holders of notes issued by Scenery Journey and Tianji Holding the option to exchange their existing debt for new notes with maturities of four to eight years.
The Hong Kong High Court will hear the application for rescission on January 15, 2025.
Evergrande, the world’s most heavily indebted real estate developer with more than $300 billion in debt, was ordered into liquidation by a Hong Kong court in January after the company defaulted on its offshore debts in late 2021.
