China Evergrande wires funds for bond coupon, averting default

Published by
Reuters

HONG KONG/SHANGHAI (Reuters) -China Evergrande Group wired funds to a trustee account on Thursday for a dollar bond interest payment due Sept. 23, a source told Reuters on Friday, days before a deadline that would have plunged the embattled developer into formal default. The source corroborated a story in the state-backed Securities Times on Friday that the company had remitted $83.5 million in coupon payments to a trustee account at Citibank on Thursday, allowing it to pay out to all bond holders before the grace period expires on Oct. 23. “They seem to be avoiding short-term default and it’s…

Read More

Leave a Reply