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12/16/2021, 8:44 AM (Source: TeleTrader)
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Evergrande sued by creditors for $13B - report

Creditors from China have filed a lawsuit against China Evergrande Group in an effort to secure repayment in the event of debt restructuring by the company, the Financial Times reported on Thursday.

The report indicates that a civil court assigned to handle all civil lawsuits against Evergrande accepted 367 claims, with the combined amount coming in at $13.2 billion (84 billion yuan). Additionally, it stipulates that Chinese creditors don't believe that the real-estate giant will be able to pay off its debts.

With the lawsuits, creditors are hoping to get ahead of offshore bondholders which have started to ask for their bond repayments. Previously, Fitch Ratings became the first rating agency to declare that Everegrande's overseas bonds are in default on December 9.

Baha Breaking News (BBN) / OL