What’s new: Debt-ridden China Evergrande Group said Wednesday it aims to submit a preliminary debt restructuring proposal within six months as it struggles to allay creditors’ concerns over its ability to repay a mountain of debt.
At a meeting with creditors, Xiao En, an Evergrande executive board member, said the board and the risk management committee are working to restart construction on projects and to draft a restructuring plan. No details of the plan were disclosed.
