Evergrande Group has headed off default by wiring an overdue payment on an offshore bond, as the troubled real estate developer cobbled together the cash to make the bond payment one day before a grace period expired.
China Evergrande Group (3333.HK) wired funds to a trustee account on Thursday for a dollar bond interest payment due Sept. 23, a source told Reuters on Friday, days before a deadline that would have plunged the embattled developer into formal default.
A 30-day grace period for the bond coupon would have expired on Saturday after the firm missed the original payment date.. Read more at straitstimes.com.
China s Troubled Property Behemoth Averts Default for Now voanews.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from voanews.com Daily Mail and Mail on Sunday newspapers.