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Chaori Bondholders Weigh Suit After China’s First Default

Holders of bonds sold by Shanghai Chaori Solar Energy Science & Technology Co. will consider a lawsuit to force payment after the company became the first to default on onshore corporate debt in China.

Investors in the solar-panel maker’s 2017 securities will meet on March 26, according to a filing to the Shenzhen Stock Exchange yesterday from China Securities Co., which managed the offering in 2012. Noteholders will discuss giving the brokerage the right to participate in restructuring the company and in the sale of collateral for the defaulted securities.