Too little, too late? Evergrande’s tortuous restructuring, asset sales in focus after default averted

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Reuters

By Anshuman Daga and Scott Murdoch SINGAPORE/HONG KONG – Unless China Evergrande Group takes quick steps for an orderly restructuring of its debt pile and steps up asset sales, its last-minute bond interest payment this week will do little to shore up creditors’ support for the developer, analysts and lawyers said. In an unexpected move, Evergrande wired an $83.5 million coupon payment due to offshore bondholders, days before a 30-day grace payment period ends on Saturday, a person with direct knowledge of the matter said on Friday. With more than $300 billion in liabilities, Evergrande, once …

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