Evergrande Creditors Call Out Company for Lack of Transparency as Potential Default Looms

Evergrande Creditors Call Out Company for Lack of Transparency as Potential Default Looms

China's indebted real estate giant the Evergrande Group faces pressure from its creditors to share more information and to provide greater transparency as these entities fear that a default could be on its way.

In an article published by Reuters, creditors holding offshore bonds expressed concern over the company's missed September 23 and September 29 loan payments which are nearing the end of their 30-day grace period. These creditors have enlisted the help of investment bank Moelis & Co. and law firm Kirkland & Ellis to advise them through the situation.

Bert Grisel, a managing director at Moelis, said he wants to engage "constructively" with the company.