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Advisers to Evergrande, bondholders take step toward debt talks

by Mike Robinson

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© Reuters. FILEPHOTO: China Evergrande Group’s headquarters can be seen in Shenzhen (Guangdong Province, China) September 26, 2021. REUTERS/Aly Song

(Reuters] – China Evergrande Group’s advisors and a group from its offshore bondholders are moving toward debt negotiations, as China Evergrande Group is facing a cash crunch. Bloomberg News reported that the advisers were assisting the developer.

The company’s advisers Houlihan Lokey (NYSE:) Inc and Admiralty Harbour Capital along with offshore bondholder advisers Moelis (NYSE:) & Co and Kirkland & Ellis have signed non-disclosure agreements in preparation for potential talks, according to the report https://bloom.bg/3vVdTnF on Wednesday.

Bloomberg stated that Evergrande advisers have reached out to Evergrande in an effort to obtain information, such as status of projects, asset valuation and liquidity.

Evergrande, Admiralty Harbour Capital, Moelis and Kirkland & Ellis did not immediately respond to Reuters’ requests for comment. Houlihan Lokey refused to comment.

China Evergrande Group, which is world’s largest property company, has more than $300 billion of liabilities. It raises questions about how this will impact global markets.

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