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 creditors have demanded acceleration of payments so far. Times China missed paying the coupon on its 5.55% 2024s that was due on December 4 and noted at the time that an “Event of Default” will only occur once the grace period of 30 consecutive days since the payment date expires.
Its 5.55% 2024s were down over 4.1 points to trade at 15.24 cents on the dollar.