The provincial government leading Evergrande Group's restructuring wants to separate the company's offshore assets and sell them to pay off foreign debt, a media report said on Friday, in a boost to foreign lenders' hopes of recouping funds.
Financial intelligence provider REDD said the government in Guangdong, where Evergrande is based, aimed to release a framework debt restructuring plan by March that could also wipe out the 60% stake of the group's chairman.
Citing two sources, REDD said the provincial government was proposing state-led investors should buy Evergrande assets and that proceeds from the sale of foreign assets should be used to pay offshore debt.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)
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