Evergrande Has Defaulted, Update: Maybe Not?

Link goes to a PDF: Evergrande officially defaulted - DMSA is preparing bankruptcy proceedings against Evergrande Group

China Evergrande Group today again defaulted on interest payments to international investors. DMSA itself is invested in these bonds and has not received any interest payments until today's end of the grace period. Now DMSA is preparing bankruptcy proceedings against Evergrande and calls on all bond investors to join it.

Earlier in the day: Evergrande teeters on brink of default

Some bondholders of cash-strapped China Evergrande Group have not received coupon payments by the end of 30-day grace periods at close of Asia business today, sources said, pushing the developer again to the edge of default.

Evergrande, the world’s most indebted developer which once epitomised a freewheeling era of borrowing and building, has been stumbling from deadline to deadline in recent weeks as it grapples with more than US$300 billion (RM1.2 trillion) in liabilities, US$19 billion of which are international market bonds.

The company has not defaulted on any of its offshore debt obligations. But a 30-day grace period on coupon payments of more than US$148 million on its April 2022, 2023, and 2024 bonds ends on Wednesday.

About six weeks ago I posted: China Will Nuke Foreign Investors From Orbit

Update: Evergrande met at least part of today's bond payment deadline

The New York Times reports that the embattled Chinese developer made good on at least part of $148m in payments due today.

Earlier today the Wall Street Journal, citing sources, said the company will be slowly wound down with the help of local governments.