http://www.bloomberg.com/news/articles/2015-05-08/china-defaults-mount-as-coal-company-winsway-misses-bond-coupon
The Hong Kong-listed company isn’t able to pay $13.2 million of
semi-annual interest due Friday on $309.3 million of notes that mature
next year, according to a Hong Kong stock exchange filing on Friday. A
30-day grace period expired May 8 after it skipped the payment April 8
and hired advisers to restructure its debt.
The failure sends a signal that prices of coking coal used in
steelmaking are far from rebounding as the government steps up efforts
to curb pollution and China’s economic slowdown deepens. Homebuilder
Kaisa Group Holdings Ltd. defaulted last month, becoming the first
Chinese developer to miss interest obligations on its U.S. currency
debt, while underground mall developer Renhe Commercial Holdings Co.
bought back its dollar notes at a discount in a so-called distressed
exchange.
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