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Harvey began posting financial and bond delinquency notices this year as it tries to overcome its deep fiscal strains and past mismanagement that drew regulatory and bondholder ire.
Underwriter Cantone Research’s alleged fraudulent misrepresentations are tied to two defaulted bond offerings.
Chinese developer cited liquidity issues for defaulting, after scrapping a repayment proposal last week. Some investors question Chinese homebuilders’ willingness to pay offshore creditors.
China has a lot to do to boost confidence in its bond market as it treats Evergrande’s distress and Huarong’s bailout with kid gloves, US fund manager Seafarer says.
A lawsuit accusing underwriter Stifel of negligence on one bond issue is pending and broader claims related to the financings are being considered.