by Megha Malhotra | Aug 31, 2021 | China, High Yield Bonds
Suning Appliance Group has launched a consent solicitation on its $600m 7.5% 2021s due in about two weeks to seek a maturity extension and to suspend certain events of defaults post its transfer of a part of its subsidiary to a government directed fund. The home...
by Amruth Sundarkumar | Jul 6, 2021 | China, Distressed / Defaulted Bonds
China’s Suning.com has reached a deal to sell a 16.96% stake worth $1.36bn to a consortium led by Nanjing state asset management committee and the Jiangsu provincial government. The other members of the consortium include Alibaba Group Holding Ltd., Midea Group...
by Amruth Sundarkumar | Jun 30, 2021 | China, High Yield Bonds
A consortium led by Alibaba Group and the Jiangsu Provincial government are set to buy a stake in Suning.com according to sources. They added that Suning.com is expected to make an announcement this week, and their founder Zhang Jindong will not have control of the...
by Amruth Sundarkumar | Jun 24, 2021 | China, High Yield Bonds
Suning.com is planning to buy unspecified assets/companies from a local PE fund backed by Shenzhen Capital Group. The purchase will be funded by issuing new shares and partly by cash and will dilute founder Zhang Jindong’s control to less than the 21% he holds...
by Amruth Sundarkumar | Jun 17, 2021 | China, High Yield Bonds
Stocks and bonds of Suning crashed as fears on the company’s debt pile have increased. Granda Century’s (guaranteed by Suning Appliance) 7.5% 2021s bonds fell from 85.8 to a low of 67.6. They have recovered slightly today and trade at 72.1. Its shares have fallen over...
