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Evergrande's offshore creditors optimistic on restructuring plan

Chinese developer aims to finalize deal by the end of the month

Evergrande was once the largest mainland Chinese developer by sales, but its debt-fueled growth hit a serious snag after Beijing began cracking down on the highly leveraged sector in the summer of 2021. (Photo by Kenji Kawase) 

HONG KONG -- China Evergrande Group and a group of its offshore creditors have agreed to a debt restructuring plan, attorneys involved in the case said on Monday, sparking optimism that a resolution to the lengthy legal tussle is finally in sight.

A group of institutional investors last June filed a winding-up petition against the company in a Hong Kong court, but a decision on the request has faced repeated delays.

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