State Firms Join New Evergrande Risk Management Committee
China Evergrande Group (03333.HK) said it has set up a risk management committee as the possibility of a formal default loomed amid the developer’s ongoing debt crisis.
The announcement came as a 30-day grace period for $82.4 million in coupon payments on two bonds came to an end on Monday, with no word from the company.
Citing “the operational and financial challenges the group is facing,” Evergrande said in a filing to the Hong Kong Stock Exchange that the new committee would “play an important role in mitigating and eliminating the future risks of the group.”
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