6 ms·

original title is "Evergrande teeters on edge of default as $148 mln payment falls due". not exactly "defaults"

chalst 5y ago
If you don't make every payment in whole when it is due, and you haven't managed to renegotiate with your creditors, then you've defaulted. It doesn't mean that the debts are worthless, but it does mean that their value is up in the air.
nwidynski 5y ago
This post was in direct response to: http://dmsa-agentur.de/download/20211110_DMSA_EVG_PM_en.pdf http://dmsa-agentur.de/download/20211110_DMSA_EVG_PM_en.pdf . I just thought the reuters article contained more relevant information.
- makerofspoons 5y ago
  AP is reporting the default is official: https://apnews.com/press-release/pr-newswire/business-china-evergrande-group-china-36dc3f16fe95c154a768d071345cdb77 https://apnews.com/press-release/pr-newswire/business-china-...
  - yorwba 5y ago
    > Press release content from PR Newswire. The AP news staff was not involved in its creation.
- stefan_ 5y ago
  This PDF is predicting "the final meltdown of the global financial system" in the first paragraph. I don't want to be a negative nancy, but it reads a lot like "all vaccinated people will fall over dead by end of the year" to me.
- asplake 5y ago
  Edit: that link seems to justify the title but it doesn’t fit the main article. Seriously misleading title though. A default is a well-defined event. “Defaults” implies that it has happened. “Teetering” is something else. Needs fixing.
  - ad8e 5y ago
    > Exactly what time the grace period expires on Wednesday is unclear, but the two sources with knowledge of the matter said some bondholders had not been paid by the end of the Asian business day. It's ambiguous, but the title is a fair conclusion.
    - AlexCoventry 5y ago
      Wednesday finished about three hours ago, in China, FWIW.
  - deleted 5y ago
    [deleted]
  - nwidynski 5y ago
    "Evergrande officially defaulted - DMSA is preparing bankruptcy proceedings against Evergrande Group", see: http://dmsa-agentur.de/download/20211110_DMSA_EVG_PM_en.pdf http://dmsa-agentur.de/download/20211110_DMSA_EVG_PM_en.pdf . Will fix the title though if more people view it as misleading.
  - aplummer 5y ago
    It did default though, the title of the Reuters article is playing it too safe. The contents of the first paragraph describe the default.
- klipklop 5y ago
  >Evergrande, the world's most indebted corporation, could ultimately lead to a "Great Reset", i.e. the final meltdown of the global financial system Bonus points for that PDF using the phrase "great reset."
dang 5y ago
Yes - submitted title was "Evergrande defaults" and we've reverted it now. "Please use the original title, unless it is misleading or linkbait; don't editorialize." https://news.ycombinator.com/newsguidelines.html https://news.ycombinator.com/newsguidelines.html
- nwidynski 5y ago
  Just read this now, should've picked the DMSA link, but couldn't edit once posted. Thanks for updating though.
- Kye 5y ago
  Worth noting it seems to have turned into a default in the hours since Reuters posted that. The editorialized title and actual title could come close to alignment if Reuters updates it.
- draw_down 5y ago
  Assuming the original title is not editorialized seems a bit facetious. But whatever, rules are rules!

If you don't make every payment in whole when it is due, and you haven't managed to renegotiate with your creditors, then you've defaulted. It doesn't mean that the debts are worthless, but it does mean that their value is up in the air.

nwidynski 5y ago

This post was in direct response to: http://dmsa-agentur.de/download/20211110_DMSA_EVG_PM_en.pdf http://dmsa-agentur.de/download/20211110_DMSA_EVG_PM_en.pdf . I just thought the reuters article contained more relevant information.

makerofspoons 5y ago
AP is reporting the default is official: https://apnews.com/press-release/pr-newswire/business-china-evergrande-group-china-36dc3f16fe95c154a768d071345cdb77 https://apnews.com/press-release/pr-newswire/business-china-...
- yorwba 5y ago
  > Press release content from PR Newswire. The AP news staff was not involved in its creation.
stefan_ 5y ago
This PDF is predicting "the final meltdown of the global financial system" in the first paragraph. I don't want to be a negative nancy, but it reads a lot like "all vaccinated people will fall over dead by end of the year" to me.
asplake 5y ago
Edit: that link seems to justify the title but it doesn’t fit the main article. Seriously misleading title though. A default is a well-defined event. “Defaults” implies that it has happened. “Teetering” is something else. Needs fixing.
- ad8e 5y ago
  > Exactly what time the grace period expires on Wednesday is unclear, but the two sources with knowledge of the matter said some bondholders had not been paid by the end of the Asian business day. It's ambiguous, but the title is a fair conclusion.
  - AlexCoventry 5y ago
    Wednesday finished about three hours ago, in China, FWIW.
- deleted 5y ago
  [deleted]
- nwidynski 5y ago
  "Evergrande officially defaulted - DMSA is preparing bankruptcy proceedings against Evergrande Group", see: http://dmsa-agentur.de/download/20211110_DMSA_EVG_PM_en.pdf http://dmsa-agentur.de/download/20211110_DMSA_EVG_PM_en.pdf . Will fix the title though if more people view it as misleading.
- aplummer 5y ago
  It did default though, the title of the Reuters article is playing it too safe. The contents of the first paragraph describe the default.
klipklop 5y ago
>Evergrande, the world's most indebted corporation, could ultimately lead to a "Great Reset", i.e. the final meltdown of the global financial system Bonus points for that PDF using the phrase "great reset."

dang 5y ago

Yes - submitted title was "Evergrande defaults" and we've reverted it now. "Please use the original title, unless it is misleading or linkbait; don't editorialize." https://news.ycombinator.com/newsguidelines.html https://news.ycombinator.com/newsguidelines.html

nwidynski 5y ago
Just read this now, should've picked the DMSA link, but couldn't edit once posted. Thanks for updating though.
Kye 5y ago
Worth noting it seems to have turned into a default in the hours since Reuters posted that. The editorialized title and actual title could come close to alignment if Reuters updates it.
draw_down 5y ago
Assuming the original title is not editorialized seems a bit facetious. But whatever, rules are rules!