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China Firms Defaulting

China Firms DefaultingChina Firms Defaulting

A Chinese pig iron producer said it missed a bond payment, becoming at least the seventh firm to renege on obligations in the local note market this year, Bloomberg reported. Sichuan Shengda Group Ltd. missed the full 21.75 million yuan ($3.4 million) in interest due Dec. 5 on its 7.25% 2018 notes, because of a cash shortage, according to a company statement on Chinamoney’s website Monday. It also failed to repay the full 300 million yuan of principal on the bonds that holders opted to sell back early on the same day. The company, based in the southwestern province of Sichuan, did not give details on any payment amount.

Financialtribune.com