By Clare Jim

HONG KONG (Reuters), Despite repeated assurances from the firm, an ad hoc off-shore creditors group called China Evergrande claimed that they have not had any substantive contact with Evergrande regarding the restructuring plans.

The group, represented by law firm Kirkland & Ellis and investment bank Moelis (NYSE:) & Company, said in a statement it has no option but to seriously consider enforcement actions and it is prepared to take all necessary actions to defend its legal rights.

Evergrande is the most indebted company in property, with nearly $20 billion worth of bonds offshore. This was after missing payments.

The property company, which has more than $300 billion of liabilities, is struggling to make payments. However, it has reached agreements for repayment on its onshore bonds, the largest portion of its debt. This avoids a default, which would have made its restructuring difficult.

In December, a risk management committee was established that consisted of representatives from various state agencies. The company repeatedly assured that it and its members would engage actively with creditors to protect legitimate interests.

The shareholder group stated that actions speak louder than words in a Thursday statement.

The group stated that it had not been able to have a substantive conversation with Evergrande. It said they received “very few assurances of intention, without any substance or detail”. This gives the impression that the company has ignored its creditors offshore and their legal rights.

Harneys is an off-shore law firm that the group has retained. Evergrande was asked to give full transparency about its financial status and avoid any additional asset sales without consulting them.

A group of bondholders selected Kirkland & Ellis and Moelis as advisers in September on a potential restructuring of Evergrande’s international bonds.