Evergrande begins “terminal decline” of Australia’s iron ore era

The Evergrande creditors are piling up and there is no relief in spreads:

The world’s most indebted developer needs to pay a $45.2 million coupon on Wednesday for a dollar bond that matures 2024, Bloomberg-compiled data show. The payment has a 30-day grace period before default could be declared, according to the note’s offering memorandum.

Some holders also maintain Evergrande is a guarantor of a dollar bond that matures Sunday, Bloomberg reported Tuesday. They’re forming a committee to press their claims in the event of a default, according to people familiar with the plans. Separately, Evergrande has made no public statements on an $83.5 million coupon that was due Sept. 23 and at least several holders had said they hadn’t received payment.

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