China Evergrande Group is working on a restructuring plan with its financial and legal advisors and promised to roll it out by the end of July, executive director Shawn Siu said during a call with global investors on Tuesday evening. The company has US$22.7 billion in offshore debts, including bonds, private financing loans and project loans, Siu revealed. As of Tuesday, it had contacted 89 offshore creditors to seek their opinions, and would continue to proactively communicate with them, said Siu. Evergrande will provide more details about the restructuring plan agreed with offshore creditors – who have signed non-disclosure agreements – when things have moved forward, Siu added. He said the company was actively seeking third-party investors for its listed property management arm and electric vehicle (EV) subsidiary. Earlier on Tuesday China Evergrande Group said it would delay the release of its 2021 financial results due to ongoing audit work while it investigates banks’ seizure of its deposits at a unit, as the world’s most indebted developer overhauls a sprawling business with 1.97 trillion yuan (US$310 billion) in liabilities. Evergrande said it would not be able to publish its 2021 financial results by the March 31 deadline, as the auditing work on its finances has yet to be completed, according to a filing to the Hong Kong stock exchange. Two of the company’s Hong Kong-listed units – China Evergrande New Energy Vehicle Group and Evergrande Property Services Group – filed similar statements to the bourse, saying they would delay the publication of their results. “Due to the drastic changes in the operational environment of the company since the second half of last year, the auditor has added a large number of additional audit procedures this year,” the company’s chairman and founder Hui Ka-yan said in the filing, adding that the audited results will be published “as soon as practicable after the audit procedures have been completed”. Is Evergrande too big to fail? The woes are piling on Evergrande. About 13.4 billion yuan (US$2.11 billion) of bank deposits pledged by Evergrande Property Services as security for third-party guarantees had been claimed by banks, the company said in a separate filing, adding that it would investigate the financial pledge. Trading in the shares of Evergrande, Evergrande New Energy Vehicle Group and Evergrande Property Services, suspended since Tuesday, will remain halted until the results are delivered, the companies said. The Guangzhou-based developer invited global investors to join a trio of Evergrande executives and directors to a call on March 22, according to an invitation seen by the South China Morning Post . Hui, also known as Xu Jiayin in mainland China, was not present on the call. Evergrande was represented by executive director Shawn Siu, who also chairs the EV unit ; non-executive director Liang Senlin, who is chairman of China Cinda (HK) Holdings Company; and Evergrande’s risk management committee member Chen Yong, who is a compliance director of state-owned Guosen Securities. The company, which officially defaulted on its US dollar bond in December, promised in January to unveil a plan within six months to reorganise its portfolio of businesses. Local authorities of Guangdong province, which put some key assets of Evergrande under state control, were aiming to release a framework debt restructuring plan by March, according to a report by Financial intelligence provider REDD in January. The company subsequently set up a risk management committee in December, saying it would actively engage with creditors to formulate a viable restructuring plan.