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Some Evergrande offshore bondholders not paid by Wednesday deadline Asia time

by Mike Robinson

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© Reuters. FILEPHOTO: Chinese flags were seen next to the Evergrande Center logo in Shanghai, China. September 24, 2021. REUTERS/Aly Song/File Photo

HONG KONG (Reuters) – Some of China Evergrande Group’s offshore bondholders had not received interest payment by the close of Asia business hours on Wednesday, three people familiar with the matter told Reuters, missing its second dollar debt obligation this month.

On Wednesday, the cash-strapped firm was to pay $47.5 million in interest on its 9.5% March 2024 bond. The company had not paid $83.5million in coupon payment last Thursday.

Evergrande’s inability to disclose its offshore payments obligations has caused global investors to wonder if large losses will result when the grace periods for payment of coupon coupons due on September 23rd and 29th, respectively.

Sources said that they had not received any information from Evergrande about Wednesday’s payment. Due to the sensitive nature of the issue, the sources couldn’t be identified because they weren’t authorized to talk to the media.

Evergrande spokesperson didn’t immediately have any comment. Reuters couldn’t determine whether Evergrande told bondholders about its plan to pay Wednesday’s coupon.

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