by Amruth Sundarkumar | Mar 24, 2022 | China, Distressed / Defaulted Bonds, High Yield Bonds
Sunac China has sought to get a payment extension of two years on its local RMB 4bn ($628mn) bond due April 1. In return, Sunac’s chairman Sun Hongbin has offered to provide an unlimited joint liability guarantee. This comes just after Sunac said that it will...
by Amruth Sundarkumar | Mar 17, 2022 | China, Distressed / Defaulted Bonds, High Yield Bonds
CIFI Holdings clarified that its business was in good condition and that it has sufficient and available cash reserves while financial institutions continue to support the company, according to a statement to HKEX. This comes after CIFI called out that there were...
by Amruth Sundarkumar | Feb 18, 2022 | China, Distressed / Defaulted Bonds
Yango Group failed to make coupon payments on 2 USD-denominated bonds totaling $27.3mn, due within the 30-day grace period due to a liquidity crunch. The coupons on its $300mn 9.25% bonds due April 15, 2023 and the $357mn 7.5% bonds due April 15, 2024 were due on...
by Megha Malhotra | Feb 10, 2022 | High Yield Bonds
Chinese property developer Logan Group dismissed reports that the company was planning to change its auditor as “sheer rumor”. Its dollar bonds picked up slightly after the announcement, having traded weak earlier this week amid a downgrade by Fitch to BB. Its...
by Amruth Sundarkumar | Dec 6, 2021 | China, Distressed / Defaulted Bonds
Yango Group’s parent Fujian Yango Group got bondholders’ approval to delay payment of a local RMB 400mn ($63mn) bond due December 7 by one year. The agreement was reached at a second meeting with bondholders after negotiations failed earlier last week. Yango...
