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Showing results for Grace Hales
...Country Garden, China’s biggest private developer, missed a payment on the bond in September and subsequently failed to transfer the funds over a 30-day grace period....
...It said on Tuesday that it expected not to make payments “within relevant grace periods”, one of which expires next week....
...A final, 30-day grace period for payment expired this week. The group has international debts worth of around $11bn and total liabilities of around $200bn as of the end of June....
...Country Garden, once China’s largest private developer by sales, this month missed payments on its international bonds, triggering a 30-day grace period, while Zhongrong, an investment company, missed payments...
...On Tuesday, the developer asked Chinese creditors for a 40-day grace period on a renminbi bond maturing next week....
...The bonds have 30-day grace periods....
...Country Garden’s missed bond payments are in a 30-day grace period....
...The company initiated a 10-day grace period for a missed interest payment on the bond last Thursday, while another of its notes maturing in 2025 is trading well below par at 80 cents on the dollar....
...Quite a fall from grace for a company that was once valued at $47bn. It’s now worth just $350mn....
...Evergrande has missed a series of interest payments since late September, but until this week had avoided default by transferring the funds before the end of 30-day grace periods....
...Additional contributions by Grace Ramos and Benjamin Wilhelm...
...That year, he produced a musical revue of song and dance numbers, titled This Year of Grace....
...It said there was “no assurance” it would be able to make others worth over $70mn before grace periods expire this month....
...The developer said in a statement to the Hong Kong stock exchange late on Sunday that it missed $20mn in bond interest payments due on March 10, and had failed to transfer the funds before a 30-day grace...
...Evergrande missed a series of bond payments from September but had previously transferred the money owed before the 30-day grace periods ended....
...It has typically transferred the funds before 30-day grace periods expired but failed to do so at the end of one such period in December, leading rating agency Fitch to say it had officially defaulted....
...While the company was deemed to have defaulted last week by Fitch after months of missed interest payments, it has yet to comment on the end of a 30-day grace period last week....
...In early December, Fitch downgraded Evergrande to “restricted default” after there was no sign of payments on bond coupons it owed to investors following the end of a 30-day grace period....
...Evergrande has missed multiple interest payments on its international bonds but until this week has typically avoided default by transferring the money before 30-day grace periods ended....
...The developer also broke its silence on the missed interest payments, stating that grace periods had “not yet expired”....
...One person familiar with the matter said they were told the company would not make the coupon payment on Thursday, which would trigger a 30-day grace period....
...Until relatively recently these sessions could include eating formal dinners, complete with port and wine for frequent toasting, as well as grace said in Latin....
...Two of the payments were then made before the grace periods expired, including one late last week, according to people familiar with the matter....
...A failure to make the transfer would have marked an official default following the expiry of a 30-day grace period....
...It has already missed several bond payments, only to narrowly avoid an official default by transferring the funds just before the expiry of 30-day grace periods....
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