Winsway Bonds Gain as Company Seeks Capital After Default
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Winsway Enterprises Holdings Ltd.’s dollar bonds rose from a record low as the Chinese coal importer asks more bondholders to sign a standstill agreement while it seeks additional capital to revive the business.
The company’s $309.3 million of 8.5 percent 2016 notes gained 0.59 cents to 28.593 cents on the dollar as of 4:30 p.m. in Hong Kong, Bloomberg-compiled prices show. The securities, which touched 28 cents last week, have declined more than 9 cents this year and tumbled 45 cents in the previous two as a coal market slump dragged Winsway into financial distress. Its shares slumped 13.6 percent, the most since August 2011.