Chinese Firms Seen Dodging Defaults in Coming Days in Turnaround
- NDRC will hold meeting with Sinosteel Co.'s bondholders
- Yurun to repay bonds due Oct. 18 after saying unsure before
This article is for subscribers only.
A Chinese sausage maker is set to avoid a default in a turnaround, and the authorities were said to have stepped in to help a state-owned steel trader facing a bond deadline next week.
The National Development and Reform Commission will hold a meeting with investors in government-controlled Sinosteel Co.’s 2 billion yuan ($315 million) of 2017 securities who have an option to sell them back on Oct. 20., people familiar with the matter said. The NDRC will ask them not to do so, according to one of the people. Parent Sinosteel Corp. sent a letter to noteholders pleading with them to not sell the bonds back as Sinosteel would be unable to repay, the people said.