Evergrande has not engaged with offshore bondholders since payments miss, holders’ advisers say
- Offshore bondholders concerned Evergrande’s assets could flow to other creditors
- Evergrande units sued by Centaline over US$12.8 million in unpaid commissions
The first public comments from offshore bondholders about the missed payments came as property agency Centaline Group separately filed two lawsuits, claiming it was owed more than HK$100 million (US$12.8 million) in unpaid commissions from flat sales at two Evergrande projects in Hong Kong.
On a conference call on Friday night, representatives for an ad hoc group of offshore bondholders that holds about US$5 billion of Evergrande’s debt said they first approached the company and its advisers on September 16, but – beyond a few calls with its advisers – had not had a “meaningful dialogue” with the company.
“We are really here to engage constructively with the company and we want the company to address its challenges. We are appreciative of all of the challenges it is facing,” said Bert Grisel, a managing director a Moelis & Company, which is representing the bondholders. “We also don’t want the offshore lenders to be an afterthought or in a different position.”
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Evergrande did not immediately have a comment when contacted for this story.