Jun
11

China May Avert Second State Firm Default as Deadline Looms

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China’s onshore market may avert a second bond default by a state-owned company after Guangxi Nonferrous Metals Group Co. flagged the notes’ repayment.

The company posted a notice on Chinamoney, the website of the China Foreign Exchange Trade System, Thursday saying June 13, when the securities mature, is the payment date, or the next working day if that’s a holiday. That’s a signal the company, wholly owned by local government, plans to redeem all of the 1.3 billion yuan ($209.4 million) of principal, as well as interest owed, according to Guosen Securities Co…

China May Avert Second State Firm Default as Deadline Looms

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