China Evergrande says hiring more advisers to help deal with debt
China Evergrande Group said on Friday that it was hiring more financial and legal advisers to help it with demands from creditors, after a key group of its international creditors threatened to take legal action if it did not show more urgency.
The company said in a stock market statement that it was proposing to engage China International Capital Corp Ltd and BOCI Asia Ltd as financial advisers, and Zhong Lun Law Firm LLP as legal adviser. On Thursday, the creditor group, represented by law firm Kirkland & Ellis and investment bank Moelis, said it was ready to take "all necessary actions" to defend members' rights after a lack of engagement by the firm at the heart of China's property crisis.
Evergrande is the world's most-indebted property company, with more than $300 billion in total liabilities, which include nearly $20 billion of international bonds all deemed to be in default after a run of missed payments late last year.
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