China’s Evergrande is heading to avoid default days before the deadline...

Posted in: 22/10/2021 – 08:57

                China's Evergrande Group has received money to make interest payments on dollar bonds, a source told Reuters on Friday, days before a deadline that would have plunged the troubled real estate developer into an official default expired.             

The source confirmed a report in the government-backed Securities Times newspaper on Friday that the company transferred $83.5 million in interest payments to an account at Citibank on Thursday, allowing it to repay all bondholders before a grace period expires on October 23.

The news of the repayment will bring some relief to investors and regulators, who are concerned about the broader implications of a chaotic default and contagion to global financial markets elsewhere, even though the company still needs to make payments on other debt maturities.

“They seem to be avoiding a near-term default, and it is a relief that they have managed to raise cash,” said a Hong Kong-based restructuring lawyer who represents some of the bondholders.

“But Evergrande still needs to restructure their debt. Perhaps the repayment is a way for them to get some support from the stakeholders before the hard work required on the restructuring,” he added.

Evergrande did not immediately respond to a Reuters request for comment. City declined to comment.


These were the details of the news China’s Evergrande is heading to avoid default days before the deadline... for this day. We hope that we have succeeded by giving you the full details and information. To follow all our news, you can subscribe to the alerts system or to one of our different systems to provide you with all that is new.

It is also worth noting that the original news has been published and is available at saudi24news and the editorial team at AlKhaleej Today has confirmed it and it has been modified, and it may have been completely transferred or quoted from it and you can read and follow this news from its main source.

NEXT Exxon smashes Western oil majors’ profits with $56bn in 2022

Author Information

I am Joshua Kelly and I focus on breaking news stories and ensuring we (“Al-KhaleejToday.NET”) offer timely reporting on some of the most recent stories released through market wires about “Services” sector. I have formerly spent over 3 years as a trader in U.S. Stock Market and is now semi-stepped down. I work on a full time basis for Al-KhaleejToday.NET specializing in quicker moving active shares with a short term view on investment opportunities and trends. Address: 838 Emily Drive Hampton, SC 29924, USA Phone: (+1) 803-887-5567 Email: [email protected]