As part of the proposal, Evergrande is said to look to repay offshore creditors the principal and interest of the debt by turning them into new bonds. The new bonds will then be repaid in instalments over a period of 7 to 10 years. For some context, the amount owed by Evergrande to its offshore public bondholders is around $19 billion.
Evergrande is also said to plan to finalise the proposal by July and sign agreements with investors by December.
That's a lot of talking but it remains to be seen how they will secure enough cash to implement this repayment plan.
