China Evergrande made an overdue bond payment, according to state-owned media, allowing the struggling property giant to stave off a default
made an overdue interest payment to international bondholders, the state-owned Securities Times reported Friday, an unexpected move that allows the property company to stave off a default.
Evergrande was nearing the end of a 30-day grace period before bondholders could send a notice of default to the company after itA default on those bonds would likely have spiraled into the biggest corporate default in Asia, by enabling creditors to declare defaults on some of Evergrande’s other debts. The company is one of China’s biggest developers, and its most indebted.
Evergrande has been trying to raise funds by disposing of assets such as stakes in subsidiaries and a Hong Kong office building that it owns. Last month, it agreed toto a state-owned enterprise for the equivalent of $1.55 billion. The company had also planned to sell a majority holding in its property-management unit for the equivalent of about $2.
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