China Evergrande Group, one of the largest property developers in China, announced on Friday that it would be making changes to the terms of its proposed offshore debt restructuring deal. The company stated that these revisions were necessary to align with its current financial situation and satisfy the demands of its creditors. However, specific details regarding the nature of these modifications were not disclosed.
This decision by China Evergrande Group comes in the wake of concerns over the company’s substantial debt burden, which is estimated to be around $300 billion. The proposed debt restructuring deal was initially intended to alleviate some of these financial pressures and provide a path towards addressing the company’s debt obligations. By revising the terms, the company aims to address the concerns of its creditors and potentially strike a more favorable agreement that can help stabilize its financial position.
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