By Clarence Leong
Holders of an onshore bond issued by China Evergrande Group have agreed to extend the interest repayment date by six months as the embattled property developer struggles to meet its debt obligations.
A motion for the interest repayment extension of the 2020 bond has been passed in a bondholder meeting, Evergrande said in a filing to the Shenzhen stock exchange Friday.
The five-year bond has an issue size of 4 billion yuan ($565.1 million) and a 5.80% coupon rate. Its interest repayments have been extended to March 23 next year.
Evergrande has been trying to reach an agreement with its creditors after defaulting on its international debt late last year. The company, which disclosed roughly $300 billion in liabilities in mid-2021, has promised to deliver an offshore restructuring plan before the end of the year.
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