A large but secretive group of creditors is emerging as one of the last major roadblocks to a historic restructuring of China Evergrande Group. Identified only as “Class C” creditors by Evergrande, the group is the second-biggest of its kind with $15 billion of claims—and among the only two that didn’t provide sufficient backing for
A large but secretive group of creditors is emerging as one of the last major roadblocks to a historic restructuring of China Evergrande Group.
“Failing to gather enough support for the Class C might drag the whole restructuring process,” said Zerlina Zeng, senior credit analyst with CreditSights. “We expect the debt restructuring of Chinese developers with a large amount of unfinished home projects such as Evergrande to be lengthy and with large uncertainties.”
Class C support is crucial as it’s one of two classes under China Evergrande Group’s own scheme—the dominant part of the overall debt plan. The other one, labeled Class A and accounting for $17 billion of claims, already delivered a support level of over 77 percent as of the April filing.The company’s restructuring also includes two other schemes which cover debt owed by units Scenery Journey Ltd. and Tianji Holding Ltd.
Top Shine Global Limited of Intershore Consult Ltd., a strategic investor that participated in Evergrande’s stake sale, filed a winding-up petition against the developer more than a year later. Based on the original arrangement, Evergrande’s online unit is required to repurchase the shares with a 15 percent premium if it doesn’t complete an IPO within 12 months of the stake sale.
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