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Dollar bonds of China South City plummeted by 15 points after it defaulted on its dollar bond due December for the first time. The company did not make a “mandatory redemption payment” that was an installment payment agreed to with creditors and due on February 9. In a filing on the same day, it said that missing the payment “will lead to an event of default”, adding that it did not expect to pay interest due on February 12 on another dollar bond. Besides trying to fix its financing and cashflow requirements, China South City is also considering revising terms and/or issuing new bonds for exchange or restructuring.
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