Total public debt outstanding is now above $30 trillion, according to Treasury Department data published Tuesday. It’s impossible to know how much debt is too much, and economists remain divided over how big of a problem this really is. But the latest debt milestone comes at a delicate time as […]
debt
Evergrande’s debt crisis: International creditors threaten legal action over ‘opaque’ restructuring process
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 in a statement Thursday they’ve had to “seriously consider enforcement actions” after Evergrande failed to engage substantially with them […]
Evergrande has defaulted on its debt, Fitch Ratings says
The credit ratings agency on Thursday downgraded the company and its subsidiaries to “restricted default,” meaning that the firm has failed to meet its financial obligations. Fitch said the downgrade reflects the company’s inability to pay interest due earlier this week on two dollar-denominated bonds. The payments were due a […]
Evergrande debt crisis: Chairman has sold $1.1 billion worth of his personal assets to prop up the company, Chinese state media reports
Xu has sold several houses in Hong Kong, Guangzhou and Shenzhen, as well as some private jets, the state-owned China Business News reported Tuesday, citing anonymous sources close to the matter. The cash, which Xu has been pumping into Evergrande since the beginning of July, has been used to “maintain […]
Evergrande’s debt crisis is wreaking havoc on Hong Kong’s stock market
Shares of Evergrande Group plummeted 10% in Hong Kong on Monday, hitting just 2.28 Hong Kong dollars ($0.29) per share. The stock has shed 84% so far this year, plunging below its 2009 IPO price of 3.5 Hong Kong dollars ($0.45). The Hang Seng Index (HSI) on Monday dropped 3.3%, […]