A group of the company's overseas bondholders are threatening to take legal action over its"opaque" debt restructuring process, the latest sign of trouble for the embattled Chinese developer.
They said the company's behavior"tarnishes offshore investors' views" about expecting fair treatment when investing in Chinese companies, and added they are"prepared to take all necessary actions to vehemently defend its legal rights and protect its legitimate interests." Evergrande has been scrambling for months to raise cash to repay lenders, and the company's chairman Xu Jiayin has been reportedly selling off personal assets to prop up its finances.
But international bondholders say they've been left in the dark about the company's plans. The creditors said in their Thursday statement that they have tried to talk with Evergrande, but have received"little more than vague assurances of intent, lacking in both detail and substance."
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