CIFI Clarifies Financial Position; Redco Launches Tender Offer and Consent Solicitation; Yango Misses Local Bond Payment
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...
Yango Misses Coupon on 2 Dollar Bonds Within 30 Day Grace Period
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...
Logan Dismisses Auditor Rumors; Yango’s Bond Extension Approved
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...
