The company is now asking international bondholders to give it"more time" to work on a restructuring plan, according to a filing with the Hong Kong stock exchange this week.
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 time seemed to run out for the company last month, when Fitch Ratings declared that Evergrande had defaulted on its debt — a downgrade that the ratings agency said reflected the company's inability to pay interest due that month on two dollar-denominated bonds.
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