Evergrande tries to avoid default
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The Chinese company paid interest on bonds three times within a week, avoiding default.
The Chinese real estate developer China Evergrande Group managed to avoid default for the third time in several days by paying interest on dollar-denominated bonds, writes The Wall Street Journal, citing sources.
According to CreditSight, Evergrande had to pay $ 45 million on bonds maturing in 2024 totaling $ 951 million on September 29th.
Last week, the company paid $ 83.5 million in interest on other dollar-denominated bonds.
Earlier it was reported that the Chinese authorities demanded that the founder of Evergrande Hui Ka Yan to direct his own funds to pay off the company’s debts.
It also became known that Evergrande agreed to defer payments on bonds of $ 260 million to Jumbo Fortune Enterprises.
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