by Amruth Sundarkumar | Nov 23, 2022 | China, Distressed / Defaulted Bonds
Greenland Holding won approval of bondholders’ to extend maturities of its dollar bonds as per a regulatory filing, Bloomberg notes. This comes about a week after the company defaulted on its $300mn 5.6% dollar bond due November 13. In the beginning of November,...
by Amruth Sundarkumar | Nov 1, 2022 | China, Distressed / Defaulted Bonds
Greenland Holdings’ $370mn 5.6% dollar bond due 13 November 2022 crashed by 70 points to trade at 18.7 cents on the dollar after the company warned of a likely default on the bond in a statement. It plans to extend the November bond due by two years. Greenland...
by Amruth Sundarkumar | Sep 12, 2022 | China, Corporates
Dollar bonds of Greenland Holdings dropped sharply on Friday, down by over 10%. Greenland reported that its contracted sales from January-August 2022 stood at RMB 10.2bn ($1.5bn), down over 58% YoY from RMB 24.2bn ($3.5bn) a year ago. Bloomberg analysts note that a...
by Amruth Sundarkumar | May 24, 2022 | China, Credit Ratings, High Yield Bonds
Greenland Holdings was downgraded to B- from B+ and the bonds guaranteed by the parent to CCC+ from B by S&P. The downgrade comes on the back of deteriorating liquidity and cash depletion for debt repayment. Despite deleveraging efforts, its unrestricted cash to...
by Amruth Sundarkumar | May 13, 2022 | China, Credit Ratings, High Yield Bonds
Greenland Holdings was cut to B2 from Ba3 by Moody’s on the back of increasing refinancing risks over the next 6-12 months. Moody’s considers Greenland’s liquidity weak due to declining contracted sales and operating cash flow and large bond...
