The Evergrande Group said Friday it will hire additional financial and legal advisors after a group of international creditors said it would start enforcement proceedings if the real estate developer did nothing else to pay off the debt, he wrote. vg.hu.
All of this happened a day after a group of foreign creditors said they were ready to take all necessary steps to protect members’ rights after Evergrande failed to take the expected action.
Evergrande previously required overseas policyholders to disclose their holdings. The real estate company is waiting for answers until the middle of next week so it can identify investors, and thus help reschedule debt.
Evergrande is the world’s most indebted real estate company, with over $300 billion in liabilities, including nearly $20 billion in international bonds. Much of the debt is considered non-performing after a series of arrears at the end of last year.
Shares of Evergrande fell 0.6 percent on Friday.
Opening image: MTI / EPA / Alex Plavevski
