by Amruth Sundarkumar | Jan 6, 2023 | China, Distressed / Defaulted Bonds
Times China defaulted by not paying the coupon on its dollar bonds after the grace periods ended on two of its notes, namely its 6.6% 2023s and 5.55% 2024s. The Chinese developer hired CICC and Sidney Austin as its financial and legal advisors this week to address its...
by Amruth Sundarkumar | Jan 5, 2023 | China, Distressed / Defaulted Bonds
Times China was downgraded to Ca from Caa1 and its senior unsecured ratings to C from Caa2, by Moody’s. The rating agency cited a “high likelihood of default” and expectations of “weak recovery prospects for the company’s...
by Amruth Sundarkumar | Jan 4, 2023 | China, Distressed / Defaulted Bonds
Times China hired CICC and Sidney Austin as its financial and legal advisors to address its offshore debts. Due to liquidity issues and to ensure fair treatment for creditors, Times China said it will suspend payment under its offshore bonds. It added that no...
by Amruth Sundarkumar | Oct 20, 2022 | China, Distressed / Defaulted Bonds
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...
by Amruth Sundarkumar | Sep 21, 2022 | China, Corporates, Distressed / Defaulted Bonds
Chinese property developer Times China Holdings reported\ a 98.4% YoY fall in net profits to RMB 31.1mn ($4.4mn) for 1H 2022, on lower revenues which dipped 52.4% YoY to RMB 6.5bn ($920mn). The revenue drop was on account of the delay in construction progress caused...
