Representatives of Greenland Holdings have told some bondholders that the developer is in the process of remitting funds offshore to pay coupons on its 6.75% 2025s that were due March 26. The notes have a 30-day grace period before the missed coupon worth $17mn is considered to be in default. Greenland defaulted on its $300mn 5.6% dollar bond due November 13 post which it extended maturities for nine of its dollar bonds. At the time S&P downgraded the developer to SD (selective default) from CC on the missed payment post which it withdrew its ratings at the company’s request. The developer however is said to have been making coupon payments on its dollar bonds. Bloomberg reports that in March, similar to the 6.75% 2025s, Greenland had wired funds offshore for the coupons on another one of its bonds during a 30-day grace period. At that time, it had missed paying the coupon on its initial February 12 due date.
Greenland’s 2025s continue to trade at distressed levels of 25-29 cents on the dollar.