This site uses cookies to provide you with a great user experience. By using BondbloX, you accept our use of cookies.
Hengda Real Estate Group, the mainland unit of China Evergrande missed the payments on its onshore debt, totaling RMB 4bn ($547mn) in principal plus interest. The company said it needed to reassess proposed restructuring , leading to cancellation of key creditor meetings scheduled this week. The company also faces a hearing in court on Oct 30, which could potentially force it into liquidation. Evergrande has been in talks to restructure its offshore debt, but as reported last week, the plan has been delayed by a month. The company reiterated its promise to actively negotiate with bondholders to find a solution as soon as possible.
Evergrande dollar bonds have been trading at deeply distressed levels of 4-6 cents to the dollar.
For more details, click here