Following recently missed debt repayments, Chinese property giant Evergrande said on Wednesday that it would "actively engage" with its creditors.
Evergrande, the world's most indebted developer with more than $300 billion in liabilities, including nearly $20 billion in international market bonds, was formally declared in default this month by ratings firms after missing repayments.
"In view of the risks the Group is currently facing, the Risk Management Committee of China Evergrande Group is utilizing its extensive resources and will actively engage with the Group's creditors," Evergrande said in a statement on the Hong Kong stock exchange.
This month, the committee, which includes Evergrande Chairman Hui Ka Yan, was formed.
Evergrande's difficulties this year have triggered a broader crisis among China's heavily indebted property firms.
Another large developer, Kaisa, is in talks with its bondholders, which include some of the world's largest investment funds, after failing to repay a $400 million bond earlier this month.
Other developers, including Fantasia and China Modern Land, have recently defaulted, and credit rating agencies and bank analysts warn that a number of other large corporations are also in jeopardy.