Bondholders Haven’t Seen Money From Evergrande Yet
Several bondholders have still not received money from the financially troubled property developer Evergrande. Several investors who owe interest payments from the group told Bloomberg news agency that they had not received a dollar a few hours before the payment term expired.
Evergrande owes more than $45 million in interest by Thursday on the bond that matures in 2024. Under the bond arrangements, there is a grace period of 30 days before a missed payment on that bond would become a default. The developer with the most significant debt burden globally, converted 260 billion euros, would also have missed a payment last week. Credit rating agency Fitch then lowered the developer's credit rating to junk status.
The threat of Evergrande's bankruptcy is holding investors globally un...