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 offshore debts, after planning to suspend payment under its offshore bonds. The company was downgraded by Moody’s yesterday to Ca from Caa1.

Its dollar bonds are trading at 17-20 cents on the dollar.

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