Liquidators of China Evergrande Present Winding-Up Petition Against Tianji Holding
Liquidators of property developer China Evergrande announced on Thursday that they have presented a winding-up petition against unit Tianji Holding, a guarantor for certain offshore senior notes issued by Scenery Journey, another member of the group.
The liquidators believe that the petition is in the best interest of the group’s creditors and other stakeholders. 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 High Court of Hong Kong will hear the winding-up petition on January 15, 2025. Evergrande, the world’s most heavily indebted property developer with over $300 billion in liabilities, was ordered into liquidation by a Hong Kong court in January following its offshore debt default in late 2021.
