China Evergrande meets onshore bondholders over delayed coupon payment
Reuters
Published Mar 18, 2022 05:26AM ET
HONG KONG (Reuters) - China Evergrande Group's flagship unit Hengda Real Estate Group Co Ltd said it will meet onshore bondholders on Friday and Saturday to delay a coupon payment due last September to September of this year.
The property developer said last September it had settled the coupon payment of the 4 billion yuan ($629 million) Shenzhen-traded bond due Sept 23 2025 via negotiations with bondholders, without giving details.
In a filing dated Thursday, Hengda said it would hold meeting with creditors of the 2025 bond on March 18-19 to approve the payment of interests incurred between Sept 2020 to Sept 2021 to be made on Sept 2023.
Struggling with more than $300 billion in liabilities, Evergrande has so far avoided technical bond defaults onshore, though it has missed payments on some offshore bonds.
While it has yet to start negotiations with offshore creditors on debt restructuring, it has tried to seek more time from onshore bondholders for coupon and redemption payments to avoid a technical default.
In January, it secured approval from onshore bondholders to delay by six months payments on a puttable bond
($1 = 6.3625 Chinese yuan renminbi)
Get The News You Want
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.