by Amruth Sundarkumar | Jun 3, 2022 | China, Credit Ratings, Distressed / Defaulted Bonds
Chinese property developer Yuzhou Group Holdings was downgraded to Ca from Caa2 by Moody’s with a negative outlook. Yuzhou missed the coupon payments on several bonds after the expiration of the grace period in March 2022. The company has weak liquidity and limited...
by Amruth Sundarkumar | Mar 28, 2022 | China, Distressed / Defaulted Bonds
Yuzhou Group is seeking a government bailout for its $548mn in onshore and offshore debt due April, Caixin reports. The Chinese developer is in talks with state-backed investors with the assistance of local authorities to take over some of its domestic bonds. No final...
by Amruth Sundarkumar | Mar 8, 2022 | China, Distressed / Defaulted Bonds
Another Chinese property developer, Yuzhou Group Holdings has defaulted on a dollar bond coupon payment of $21.5mn after it failed to make the payment within the 30-day grace period that ended on March 4. In an exchange filing, Yuzhou said that the missed payment on...
by Amruth Sundarkumar | Mar 2, 2022 | China, Distressed / Defaulted Bonds
Yuzhou Group said that certain parties who claim to hold minority interests in its 6% and 8.625% bonds that were due on January 25 and 23, 2022, informed the developer that they intend to start legal action if it does not redeem the old notes. Yuzhou only recently...
by Amruth Sundarkumar | Feb 28, 2022 | China, Distressed / Defaulted Bonds
Yuzhou Group’s auditor EY has resigned due to concerns about the developer’s accounting processes, as per an exchange filing. The filing notes that the progress of the 2021 audit was significantly behind the original pre-agreed timetable, due to which EY...
