Advisers to a group of international investors in Evergrande say the heavily indebted Chinese developer has not meaningfully engaged with them or provided details of potential asset sales despite their requests, as they braced themselves for a looming default.
Law firm Kirkland & Ellis and US investment bank Moelis were hired by international bondholders in the lead-up to a crucial interest payment on September 23 that Evergrande failed to make, sparking volatile trading across international markets and a global reckoning over the health of the Chinese real estate sector.
Evergrande has a 30-day grace period on the first missed payment before a default is officially declared. It also missed a second payment on September 29.
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