China Evergrande pledges to roll out restructuring plan by July as it delays 2021 results because of unfinished audit

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.

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.