You white boys learned nothing from Puerto Rico & now you are going to eat it again!
Evergrande Bondholders Mull Next Steps in Wake of Missed Payment
Foreign investors in Chinese property giant’s debt face challenge of navigating an uncertain, complicated international restructuring
Beijing has signaled it is likely to give priority to domestic interests that could be impacted by Evergrande’s failure.
PHOTO: ALY SONG/REUTERS
Global investors that hold China Evergrande Group’s dollar bonds are trying to determine what recourse they have after the embattled real estate giant skipped $83.5 million in coupon payments last week, according to lawyers and people familiar with the matter.
The cash-strapped developer has another $45 million bond interest payment due on Wednesday, and investors believe Evergrande is unlikely to come up with the cash given its lack of public communication so far about its international bonds.
Evergrande has a 30-day grace period before its nonpayment constitutes an event of default on its bonds. Lawyers see last week’s payment miss as the prelude to a complex restructuring of Evergrande’s roughly $304 billion in liabilities, which PRO BANKRUPTCY
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