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Some Evergrande offshore bondholders not paid by Oct 11 deadline Asia time, sources say

Some Evergrande offshore bondholders not paid by Oct 11 deadline Asia time, sources say

FILE PHOTO: The logo of China Evergrande is seen at outside China Evergrande Centre building in Hong Kong, China September 23, 2021. REUTERS/Tyrone Siu/File Photo

HONG KONG : Some of China Evergrande Group's offshore bondholders have not received interest payment by a Monday deadline Asia time, two people familiar with the matter said, adding to the company's failure to meet dollar debt obligations since last month.

Expectations that the cash-strapped company will make US$148 million in coupon payments on its April 2022, April 2023 and April 2024 dollar notes due Oct. 11 were slim as it prioritises onshore creditors.

That has left offshore investors worried about the risk of large losses at the end of 30-day grace periods as what was once China's top-selling property developer wrestles with more than US$300 billion in liabilities.

A spokesperson for Evergrande did not immediately respond to a request for comment. The sources could not be named as they were not authorised to speak to the media.

Reuters was unable to determine whether Evergrande has told bondholders what it planned to do regarding the coupon payment due on Monday.

(Reporting by Andrew Galbraith, Xiao Han and Clare Jim; Editing by Sumeet Chatterjee and Edmund Blair)

Source: Reuters

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