Advisers to China Evergrande Group ’s international bondholders have made little progress in their efforts to engage with the embattled property developer, as the clock ticks toward a likely default.
The Chinese real-estate giant skipped interest payments on $1 billion in U.S. dollar bonds on Sept. 23, and has a 30-day grace period before its bondholders can call a default. Evergrande also didn’t pay the coupon on another set of dollar bonds last week. The 25-year-old company is China’s largest issuer of junk bonds, with more than $19 billion in dollar debt outstanding.
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Source:" WSJ "