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 to resolve a default.
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.
Its rocky financial situation has roiled other Chinese property developers over the past year and exacerbated a funding
Disclaimer: No Business Standard Journalist was involved in creation of this content