⚡️Update 3: The China Evergrande Group⚡️

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The China Evergrande Group drama has been solid fodder for capital markets over the past several weeks. You can see our previous coverage here:

Its moves this week are somewhat emblematic of the restructuring world these days: a seemingly hopelessly distressed player that was garnering a lot of distressed investor and bankruptcy professional interest conjured up money out of nowhere to avoid its imminent day of reckoning. Indeed, a month ago, The Evergrande Group failed to pay multiple interest payments across multiple issuances, triggering the 30-day clock towards potential default scenarios. To compound matters, the company (and the Chinese government) went quiet for a very long time, providing no guidance whatsoever as to whether or how it would deal with millions upon millions of payments. Well, this week, the group avoided an immediate default by

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