China property sector train wreck rolls on: Evergrande to roll defaulted debt to new bonds

Justin had the main point of the defaulted debt juggling posted on Friday:

Evergrande is said to look to repay offshore creditors the principal and interest of the debt by turning them into new bonds.

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. 

Go to Forexlive

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