by Amruth Sundarkumar | Nov 2, 2022 | China, Distressed / Defaulted Bonds
China Evergrande got a notice of enforcement from Shengjing Bank for unrecoverable funds. The bank said that the developer did not pay RMB 32.6bn ($4.48bn) that was lent to its unit from 2020 to 2021. As per Reuters, Evergrande’s 30.99% stake in Xinjiang...
by Amruth Sundarkumar | Oct 11, 2022 | China, Distressed / Defaulted Bonds
Chinese property developers Shimao Group and China SCE’s main units missed payments on RMB 1.6bn ($225mn) of trust borrowings. Xiamen Zhongjun Industrial Co., a unit of SCE and one of the guarantors, failed to repay its 50% share of a trust product due at...
by Amruth Sundarkumar | Sep 22, 2022 | Financial News
China Fortune Land Development’s (CFLD) debt restructuring plan for its offshore bonds has been met with resistance from its creditors. Advisers of an ad-hoc bondholder group of CFLD’s dollar bonds have planned a conference call for all creditors later...
by Amruth Sundarkumar | Aug 29, 2022 | China, Corporates, High Yield Bonds
After Shimao Group’s $11.8bn restructuring proposal last week, more details have emerged including the possible coupons on its new restructured notes, as per sources. To quickly recall, a two-class restructuring was planned via Class A and Class B plans to repay...
by Amruth Sundarkumar | Aug 26, 2022 | China, Corporates, Distressed / Defaulted Bonds, High Yield Bonds
Chinese developer Shimao Group proposed the repayment of its $11.8bn offshore debt over a period of 3-8 years via a two-class restructuring plan, as per a Reuters report. The two classes are known as the Class A and Class B plans. Lucror Analytics mentions the...
