Creditors Sue for Claims Topping $13 Billion: Evergrande Update
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Chinese creditors have sued China Evergrande Group for more than $13 billion in allegedly overdue payments, according to a report.
A Chinese court assigned to handle civil lawsuits against Evergrande accepted 367 cases, with claims totaling 84 billion yuan ($13.2 billion), the Financial Times reported, citing official records. The cases were accepted between late August and earlier this month, the report said -- in the period after financial regulators told the developer to resolve its debt problems and up to Fitch Ratings’ downgrade of the developer to ‘restricted default’ last week.