KUALA LUMPUR: Troubled state fund 1Malaysia Development Berhad (1MDB) said on Monday that it has started an engagement process with bondholders following its default last month on the $1.75 billion fixed rate 5.75 percent note due in 2022.

The fund said in a statement that it has appointed Alvarez & Marsal Asia Ltd as its financial adviser and D.F. King Ltd to directly carry out the bondholder identification and registration process.

The statement added that the fund was committed to working openly with Abu Dhabi’s International Petroleum Investment Company, which says 1MDB never met payment obligations.

– Reuters