Evergrande reportedly cancels creditor meetings
The China Evergrande Group canceled meetings with creditors scheduled for next week, the South China Morning Post reported on Saturday citing a company filing. The property developer previously postponed meetings set for late August.
"The sales of the group have not been as expected. Based on the current situation and consultations with its advisers and creditors, the company considers it necessary to reassess the terms of the proposed restructuring to meet the objective situation and the demand of the creditors," Evergrande said, according to the report. The filing will cause concern about the company's corporate restructuring, under which Evergrande "aims to lock creditors into full agreement by October 1," the report said. The real estate giant reported a loss of $4.5 billion in the first half of 2023 and filed for bankruptcy protection in the United States in August.