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First China Onshore Default Looms as Chaori to Miss Payment

Shanghai Chaori Solar Energy Science & Technology Co. said it may not be able to make an 89.8 million yuan ($14.6 million) interest payment in full on March 7, in what would be the first default of an onshore bond.

The maker of energy cells to convert sunlight into power, plans to pay 4 million yuan to bondholders, the company said in a statement to the Shenzhen stock exchange yesterday. The stock has dropped 41 percent over the past 12 months to 2.59 yuan a share before trading was halted on Feb. 19.