Logan Group’s unit has delayed principal and coupon payments worth RMB 140mn ($19.4mn) on an already extended local bond. The bond has a 30-day grace period and Logan said that it will try to accelerate fundraising to avoid default. Logan’s dollar bonds were trading over 0.5 points weaker at distressed levels of under 10 cents on the dollar.
Separately, two bondholders of Times China’s $450mn 6.2% 2026s said that they received the coupon payments during the 30-day grace period of the bonds, as per Bloomberg. The bonds’ coupons were initially due on September 22. Its 6.2% 2026s are trading at deeply distressed levels of 7.5 cents on the dollar.