It was stated that the Chinese real estate giant Evergrande could not make its payments despite the expiry of the bonds.
Some bond investors of the real estate company China Evergrande Group said they had not yet received their payments hours before the end of the month-long statutory grace period.
This has brought the world’s most indebted real estate company to the brink of its first default on offshore payments. Two of the bondholders of Evergrande-owned Scenery Journey Ltd. reported that the payments had not yet been made as of 4 p.m. New York time on Monday.
The payments of 41.9 million on the 2022 maturity bonds and the $40.6 million interest payments on the 2023 maturity bonds first expired on November 6, but these bonds had a statutory 30-day grace period.
Evergrande did not Comment on the Matter
In a brief statement to the Stock Exchange on Friday, the real estate giant said that it plans to “work actively” with overseas lenders on the restructuring plan.
According to the sources familiar with the matter, the company is planning a restructuring that includes all of its offshore public and private bond obligations.
If that happens, it could be one of the country’s biggest restructurings.
