12/1/2023 0 Comments Evergrande in default![]() ![]() "We believe the existence of these bonds means that liquidity situation could be tighter than we previously expected," Fitch analysts wrote in a Monday note downgrading the company to CCC, or substantial credit risk. Fantasia failed to repay a $206 million bond on Monday, prompting ratings firms to downgrade its debt to default status. The credit ratings agency on Thursday downgraded the. Reports of Evergrande's missed payment came just days after the unexpected default of another property firm called Fantasia Holdings Group. Persistent default fears eclipsed efforts by China Evergrande Groups chairman to lift confidence in the embattled firm on Tuesday, as Beijing showed no signs it would intervene to stem any domino. Evergrande, the embattled Chinese property developer, has defaulted on its debt, according to Fitch Ratings. LONDON, Dec 17 (Reuters) - The poster child of China's property crisis China Evergrande Group (3333.HK) was officially declared in default by credit rating agency S&P Global on Friday after. Observers have for weeks wondered whether the Chinese government will intervene to prop up Evergrande, after it told the company to avoid a near-term default. Specifics on the privately issued bond were hard to come by, but the episode signaled to markets that a partial default may be likelier than previously expected. A Hong Kong court approved China Evergrande Group’s application to hold a creditor meeting next month to win support for an offshore debt restructuring proposal. One of China’s largest-ever debt restructurings is starting to take shape. ![]() The news pushed Evergrande's bonds to new lows - now trading at less than a quarter on the dollar. The report, citing people familiar with the matter, said that a Chinese company co-owned by Evergrande, called Jumbo Fortune Enterprises, had missed payment on a $260 million bond. ![]()
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