China Evergrande's liquidators ask investors to join restructuring process
Adds details from statement in paragraphs 3-7
Aug 9 (Reuters) -China Evergrande's 3333.HK liquidators have invited investors interested in restructuring the heavily indebted property developer or any of its parts, it said in a filing on Friday.
The move comes as the liquidators do not currently see a path to restructuring that would allow Evergrande to resume trading of its shares due to its high debt and business challenges, the company said.
The liquidation process is the result of a Hong Kong court order after the company that was once China's largest property developer failed to restructure $23 billion in offshore debt. Its total liabilities stood at more than $300 billion.
Consultancy firm Alvarez & Marsal, which is managing the company's affairs as liquidators of Evergrande, has been trying to salvage value for creditors, while seeing little chance for restructuring without new investment, the company said.
"The Liquidators would welcome any potential investors interested in pursuing a restructuring of the company, or any of its constituent parts," Evergrande said and shared an email address for potential investors to contact.
Since the Chinese property sector plunged into a debt crisis in 2021, numerous high profile developers such as Shimao 0813.HK and Country Garden 2007.HK have been hit with liquidation lawsuits from creditors.
A Hong Kong court on Thursday adjourned a liquidation petition against Shimao for the third time, buying the embattled developer more time to work with creditors on a revised restructuring plan.
Reporting by Roushni Nair in Bengaluru; Editing by Arun Koyyur
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