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China Evergrande Group’s EGRNF -12.86% stocks and bonds fell to historic lows, after Chinese authorities stepped up their involvement in the company’s affairs and the indebted developer moved closer to a reorganization of its hefty international debt.
Unless China Evergrande Group takes quick steps for an orderly restructuring of its debt pile and steps up asset sales, its last-minute bond interest payment this week will do little to shore up creditors' support for the developer, analysts and lawyers said.
SINGAPORE/HONG KONG - Unless China Evergrande Group takes quick steps for an orderly restructuring of its debt pile and steps up asset sales, its last-minute bond interest payment this week will do little to shore up creditors' support for the developer, analysts and lawyers...
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Unless China Evergrande Group takes quick steps for an orderly restructuring of its debt pile and steps up asset sales, its last-minute bond interest payment this week will do little to shore up creditors' support for the developer, analysts and lawyers said.
Chinese state-owned media, Securities Times, reported Friday that China Evergrande Group (HKG: 3333) settled an overdue interest payment to overseas bondholders. This unanticipated step allowed the property developer to avoid default. According to the Securities Times, the Chinese property developer transferred $83.5 million to the trustee for the dollar-backed bonds on Thursday, and the financial […]