Evergrande averts default, wires funds due Sept 23
The ailing real estate developer China Evergrande has avoided a default, at least for the time being.
The insolvent company on Thursday transferred $ 83 million in interest payments it owed offshore bondholders.
It comes just days before a deadline that would have formally defaulted Evergrande.
The news was first published in the state-sponsored Securities Times and will apparently allow the bondholders to be paid before Saturday.
A source confirmed to Reuters that a payment had been made.
October 23rd marks the end of Evergrande's 30-day payment deadline as the original deadline was missed a month ago.
Evergrande dollar bonds rose Friday morning, and April 2022 and 2023 bonds rose more than 10 percent.
This is a sign that investors are confident that Evergrande will meet its many coupon payment deadlines, including one for a $ 47 million bond that expires on October 29.
Evergrande has over $ 300 billion in debt and has become the flagship of China's debt-driven real estate sector.
In the past few days, a number of Chinese officials have tried to reassure investors by saying it will protect creditors' interests.
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