Liquidators file winding-up petition against China Evergrande's unit Tianji Holding

Liquidators for China Evergrande have filed a winding-up petition against Tianji Holding, a unit that guarantees certain offshore notes. This action aims to protect the interests of creditors and stakeholders. Evergrande's initial debt restructuring proposal in April 2023 allowed note holders to exchange their debt for new notes with maturities of four to eight years. The High Court of Hong Kong will hear the petition on January 15, 2025. Evergrande, with over $300 billion in liabilities, was ordered into liquidation in January 2023 after defaulting on its offshore debt.