EGRNF - China Evergrande misses second interest payment on an offshore bond - Reuters

China Evergrande Group (OTCPK:EGRNF) (OTCPK:EGRNY) misses its interest payment due Wednesday, Reuters reports, citing two bondholders, making it the second coupon missed on its offshore debt. However, the large real estate developer started returning a small portion of money owed to buyers of its investment products, weeks after protests erupted over missed payments, Bloomberg reports. The company, which is burdened with $305B of liabilities, failed to pay a $47.5M interest payment on its March 2024 dollar bond on Wednesday, in addition to $83.5M that was due last Thursday. It can still avoid default if it makes the payments within a 30-day grace period. Of the company's outstanding bonds, offshore investors hold about $20B of that debt. Evergrande's (OTCPK:EGRNF) wealth management unit, meanwhile, paid a 10% installment of wealth management products due September, in line with a repayment plan it had announced earlier. Yesterday, the company agreed to sell almost 20%

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China Evergrande misses second interest payment on an offshore bond - Reuters