Liquidators of China Evergrande file winding-up petition against co’s unit

(Reuters) – Liquidators of property developer China Evergrande (HK:) on Thursday presented a winding-up petition against unit Tianji Holding, a guarantor for certain offshore senior notes issued by Scenery Journey which is also a member of the group.

“The Liquidators consider the winding-up petition against Tianji Holding to be in the interest of the creditors and other stakeholders of the Group,” 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 High Court of Hong Kong is set to hear the winding-up petition on Jan. 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.