(Bloomberg) -- China Evergrande Group agreed to pay the adviser fees of a bondholder group working with the cash-starved property developer to restructure debt, and to share more information with the creditors, according to people with knowledge of the agreement, who asked not to be named discussing private deal talks.

The creditors, advised by Moelis & Co. and Kirkland & Ellis, began to prepare for negotiations in October, after Evergrande delayed interest payments on one of its offshore bonds and reported that certain asset-sale plans had collapsed.

A representative for Houlihan Lokey Inc., which is advising the company, declined to comment. Representatives for the bondholder group didn’t return requests for comment. 

Evergrande’s debt crisis has captured global attention as a reflection of larger risks lurking in the the Chinese property sector. Evergrande itself is the world’s most indebted real estate company, with about $300 billion of liabilities.

Earlier today, the Wall Street Journal reported details on the fee-paying deal, which is a standard arrangement in most U.S. debt restructurings. 

The company’s offshore bonds are trading for pennies on the dollar on the cloudy outlook for a restructuring. Its 9.5% 2024 notes, the debt subject to the delayed payment in October, last traded around 13 cents on the dollar, according to Trace.  

©2022 Bloomberg L.P.