Justin had the main point of the defaulted debt juggling posted on Friday:
Reuters have posted more detail, makes for interesting reading on how Evergrande tries to sort out $22.7bn of offshore debt deemed to be in default after missing payment obligations late last year.
- As part of the proposal, Evergrande is looking to repay offshore creditors the principal and interest by turning them into new bonds, which will then be repaid in instalments over a period of seven to 10 years, said one of the sources.
Good luck to the creditors.
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