Evergrande misses third debt deadline

Evergrande has failed to make a third overseas bond payment in less than a month, this time of $148m. International creditors are now questioning whether they will have to bear losses and whether the business may yet default. Offshore bondholders have not received interest payments on their April 2022, 2023 and 2024 dollar notes, it was reported yesterday. Evergrande also missed payments to foreign creditors on 23 and 29 September. Meanwhile, industry rival Modern Land has asked investors to postpone the payment on a $250m bond due on 25 October, and Sinic said that it was likely to default next week. Sinic, whose shares were suspended on 20 September — when its value plummeted by nearly 90% — may soon be joined by Fantasia, which did not repay a bond that matured on 4 October. The Times (£) The Guardian