Chinese property giant Evergrande and its biggest foreign creditors are negotiating an 11th-hour deal to prevent a liquidation of the company’s offshore businesses on Monday, WSJ Pro Bankruptcy reported. Evergrande and a group of its bondholders have been negotiating to restructure the financially troubled company after Chinese regulators vetoed a previous version of their plan. In a recent proposal, Evergrande has offered to give control of around 20% of its Guangdong-based parent company, China Evergrande Group, to its creditors. To comply with Chinese regulators’ demands, Evergrande wouldn’t issue new debt as part of the restructuring. Additionally, Evergrande is in discussions with NWTN, a Dubai-based electric-vehicle company, to invest new money in Evergrande’s EV unit, the people said. NWTN had agreed to invest $500 million for a 28% stake in Evergrande Auto, which would have helped Evergrande Auto’s expansion, but NWTN temporarily suspended its commitment to invest the funds when Evergrande’s earlier restructuring plan fell apart, according to securities filings.
