A group representing some China Evergrande offshore bondholders said that the property developer had not engaged with them since missing interest payments on two dollar-denominated bonds last month, noting concerns about potential asset flows to other creditors.
Since missing an $83.5 million and $47.5 million missed interest payment last month, Evergrande has not engaged with offshore bondholders represented by Moelis & Company beyond a few calls with no «meaningful dialogue».
«We are really here to engage constructively with the company and we want the company to address its challenges,» said Bert Grisel, a managing director at law firm and New York-based investment bank Moelis & Company which is representing bondholders carrying about $5 billion of Evergrande debt.
«We are appreciative of all of the challenges it is facing.»
Imminent Default
According to Moelis & Co., China Evergrande is expected to default on its offshore bond payment obligations.
«We also don’t want the offshore lenders to be an afterthought or in a different position,» Grisel said during a conference call last week.
Following the missed payments last month, China Evergrande has a 30-day grace period before being deemed to have officially defaulted.
