NOTHING TO SEE HERE, MOVE ALONG: China Evergrande Defaults on Its Debt, a Ratings Firm Says. “The next steps were not immediately clear. Evergrande has already said it would “actively engage” with its foreign creditors to come up with a plan for restructuring — an often long and drawn-out process that can involve stripping a company down and selling off its parts to pay everyone off. But any move would require the blessing of the Chinese government, which worries that a sudden unwinding of the company could hit the country’s financial system or potentially the many homeowners in China who have already paid for apartments that are yet to be built.”