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Evergrande makes coupon payment ahead of Friday deadline: Sources

Evergrande’s liquidity crunch against more than $300 billion in liabilities sparked global concern it could trigger systemic risks.

October 29, 2021 / 07:56 AM IST
Image: Reuters

Image: Reuters


China Evergrande Group, which faces a final deadline on Friday for a payment that had been due Sept. 29, has made a payment on that bond, the New York Times reported, citing a bondholder.


Evergrande’s liquidity crunch against more than $300 billion in liabilities sparked global concern it could trigger systemic risks.


The New York Times reported here that the company made an interest payment that had been due on Sept 29, citing a person speaking on condition of anonymity.


The reported payment came after Evergrande narrowly averted a costly default last week by securing $83.5 million for the last-minute payment of interest on a bond, boosting confidence the company may be able to avoid a messy collapse.


Evergrande, once China’s top-selling developer, is reeling under more than $300 billion in liabilities, fuelling worries about the impact of its fate on the world’s second-largest economy and on global markets.

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Evergrande’s Friday deadline was for a $47.5 million coupon payment that was due Sept. 29 on its March 2024 bond.



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Reuters
first published: Oct 29, 2021 07:56 am
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