HONG KONG (Reuters) – China Evergrande Group’s flagship unit Hengda Actual Property Group Co Ltd mentioned it can meet onshore bondholders on Friday and Saturday to delay a coupon cost due final September to September of this 12 months.
The property developer mentioned final September it had settled the coupon cost of the 4 billion yuan ($629 million) Shenzhen-traded bond due Sept 23 2025 by way of negotiations with bondholders, with out giving particulars.
In a submitting dated Thursday, Hengda mentioned it could maintain assembly with collectors of the 2025 bond on March 18-19 to approve the cost of pursuits incurred between Sept 2020 to Sept 2021 to be made on Sept 2023.
Combating greater than $300 billion in liabilities, Evergrande has thus far prevented technical bond defaults onshore, although it has missed funds on some offshore bonds.
Whereas it has but to begin negotiations with offshore collectors on debt restructuring, it has tried to hunt extra time from onshore bondholders for coupon and redemption funds to keep away from a technical default.
In January, it secured approval from onshore bondholders to delay by six months funds on a puttable bond <CN149021SZ= > value 4.5 billion yuan.
($1 = 6.3625 Chinese language yuan renminbi)
Reporting by Clare Jim; modifying by Jason Neely