The China Evergrande Group has warned of a possible default on dollar-denominated bonds after being asked to pay $260 billion in debt obligations. “In light of the group’s current liquidity status, there is no guarantee that the group will have sufficient funds to continue to meet its financial obligations,” Evergrande said in a statement on Friday (3).
The 30-day grace period for $82 million in coupon payments for onshore and offshore bonds due Nov. 6 is also expiring, according to debt research firm CreditSights. The Hong Kong-listed developer has turned to the Chinese government for help, with the Guangdong provincial government sending in a task force to help the company manage its risks. Source: Dow Jones Newswires.
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