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Tuesday, December 6, 2022

Evergrande Declared in Default as Huge Restructuring Looms | Yahoo Finance

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For the first time, China Evergrande Group has been declared a defaulter, the latest development in a months-long financial saga that is expected to climax in a dramatic reorganization of the world’s most indebted builder. Evergrande was downgraded to “limited default” by Fitch Ratings on Monday after failing to make two dividend payments by the end of a grace period, a move that could result in cross failures on the developer’s $19.2 billion in debt. Fitch had just issued the same failure mark to Kaisa Group Holdings Ltd., which had been unable to repay a $400 million bond that had matured on Tuesday. The two entities together account for roughly 15% of all outstanding dollar bonds sold by Chinese developers.

Source: https://finance.yahoo.com/news/evergrande-defaults-first-time-china-081022204.html

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