China Evergrande Group , with $305 billion in liabilities, is facing its biggest test yet in public debt markets as the distressed developer scrambles for funds ahead of what could be one of China's largest restructurings.
The China Evergrande Centre building sign is seen in Hong Kong, China, September 23, 2021. REUTERS/Tyrone Siu, with $305 billion in liabilities, is facing its biggest test yet in public debt markets as the distressed developer scrambles for funds ahead of what could be one of China's largest restructurings.
Bond coupon payments totalling more than $148 million are due on Monday, after the company on Sept. 29 failed to make a $47.5 million bond interest payment on its 9.5% March 2024 dollar bond. It also missed $83.5 million in coupon payments the previous week. While the developer does not have any more onshore or offshore bonds maturing this year, it must still make coupon payments for its offshore bonds totalling $500 million by Dec. 28.Reporting by Andrew Galbraith; Editing by Christopher Cushing & Shri NavaratnamSubscribe for our daily curated newsletter to receive the latest exclusive Reuters coverage delivered to your inbox.
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