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1/20, 12:27 PM (Source: TeleTrader)
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Evergrande bondholders warn of legal action

International bondholders in Evergrande, the indebted property company heavily involved in the real estate crisis in China, have hired an offshore lawyer and threatened with legal action after an absence of "substantive engagement" from the corporation.

"Despite the efforts to engage in substantive dialogue with Evergrande, including through information requests, to date the group has received little more than vague assurances of intent, lacking in both detail and substance," the bondholders’ representatives stated on Thursday.

Evergrande initially missed out on delivering interest payments on its offshore bonds in September and was estimated to be in default in December by the Fitch rating agency.

Baha Breaking News (BBN) / SP