Deals
China Coal Miner Defaults on Convertible Debt as Prices Sink
- Up Energy Development failed to pay notes by Feb. 18 deadline
- Cross default triggered on HK$3.46 billion of other debt
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Up Energy Development Group Ltd., a Hong Kong-listed producer of coking coal with mines in China, has defaulted on convertible bonds, becoming the latest firm in the industry to renege on obligations after prices of the fuel plunged.