On June 27th, the Hong Kong court website showed that the creditor had submitted a winding-up application against Communist China’s Evergrande Group to the Hong Kong High Court.
The petition was filed by Top Shine Global Limited, a division of Intershore Consult (Samoa) Limited, and the hearing will be held on August 31st.
Evergrande, with more than $300 billion offshore debt liabilities, was deemed in default after failing to meet its repayment obligations at the end of last year.
On June 21st, Evergrande said it would announce a preliminary restructuring plan by the end of July.
Trading of Evergrande stock has been suspended since March 21st because it failed to deliver financial reports on time. Its subsidiary Evergrande Property Services Group has launched an investigation into how the bank seized 13.4 billion Yuan of deposits, which is pledged as a third-party guarantee.
The Hong Kong Stock Exchange had told the company that it has until September 20nd, 2023, to resolve the issues that led to its suspension to avoid a potential delisting of its shares.
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