A group of bondholders is moving closer to formal legal action against Evergrande after the world’s most indebted property developer made a surprise disclosure that mystery lenders to one of its subsidiaries claimed more than $2bn in cash.

A group of distressed debt investors in the US and UK including Saba Capital, Redwood Capital Management and Ashmore met on Tuesday and directed lawyers to begin work on the legal analysis needed to decide whether to take action against Evergrande, according to people familiar with the talks.

One person directly involved in the situation said investors feel they have “no choice” but to commence legal action and that plans were already prepared. “I think it has massively changed the game,” the person said about the $2bn claim. “The atmosphere in the room is one of boiling blood.”