International creditors of the world’s most-indebted property developer threatened on Jan. 20 they would roll out “all necessary actions” to defend their rights if the company fails to resolve its default in good faith. China Evergrande Group has been struggling with over $300 billion in total liabilities, including nearly $20 billion of international bonds all deemed to be in cross-default by rating agencies after a run of missed payments late last year. The troubled developer failed to show enough urgency and effectually engage with bondholders for months, despite promising the opposite, a key body of its international creditors accused. The group, under the acronym AHG, said in a Jan. 20 statement that it had no choice but to “seriously consider” enforcement actions due to a lack of engagement by Evergrande at the heart of China’s property crisis. The group, represented by law firm Kirkland & Ellis and investment bank Moelis, …
Evergrande Offshore Creditors Warn of Legal Action Over Default and Weak Engagement
January 21, 2022
admin
0 Comment