Evergrande payment wins some restructuring credit - JennHughes13 -
Troubled Chinese developer Evergrande wired an $83.5 million payment to a bond trustee on Oct. 21, Reuters reported on Oct 22 citing a source corroborating a story in the state-backed Securities Times.
The payment averted a potential formal default that could have been called as early as Saturday Oct. 23 when a 30-day grace period expired for Evergrande to send the funds, which were originally due on Sept. 23. The payment also marked a rare piece of good news for the cash-crunched company, coming days after it failed to sell a $2.6 billion controlling stake in its property management unit while last week, a $1.7 billion deal to offload its Hong Kong headquarters building was also reported by Reuters to have collapsed.
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