China Evergrande Group sold its luxury superyacht for about $32 million earlier this year, said two sources, further shrinking the developer's offshore assets as its cash crunch worsened and it scrambled to pull together a debt revamp plan. Evergrande's offshore bondholders are expected to sharpen their focus on offshore assets as the developer's debt restructuring plan flounders with the founder now being investigated over suspected 'illegal crimes'. The debt restructuring process was further complicated this week after Evergrande said it was unable to issue new debt due to an investigation into its main China unit.
SYDNEY - China Evergrande Group sold its luxury superyacht for about $32 million earlier this year, said two sources, further shrinking the developer's offshore assets as its cash crunch worsened and it scrambled to pull together a debt revamp plan.
Evergrande sold the 60-metre superyacht Event for 30 million euros as part of a process to sell down non-core assets, said the two sources with knowledge of the matter, declining to be named as the information is not public yet.A spokesperson for Evergrande did not immediately respond to Reuters request for comment.
After defaulting on its dollar bond in late 2021, Evergrande has been in the process of seeking creditors' approval for its proposals to restructure offshore debt worth $31.7 billion, which includes bonds, collateral, and repurchase obligations.Reuters reported on Tuesday that a major Evergrande offshore creditor group was planning to join a liquidation court petition filed against the developer if it does not submit a new debt revamp plan by the end of October.Compared to its $31.
A Boeing private jet of Evergrande was sold in July last year for $100 million, the sources said. Evergrande did not respond to a request for comment on the jet sale.
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