China Metal Company Defaults on Bonds Amid Rising Credit RisksBloomberg News
Guangxi Non-ferrous failed to repay 500 million yuan of bonds
The company has started restructuring, statement says
A Chinese state-owned metal company defaulted on bonds which were issued in private placement, adding to signs of worsening credit risks in the nation.
Guangxi Non-ferrous Metals Group Co. failed to repay principal and interest of 500 million yuan ($77 million) in notes due April 23 because it has started restructuring and suffered losses, according to a statement to Shanghai Clearing House. The company sold the three-year bonds in 2013 with a coupon rate of 5.56 percent.
— With assistance by Judy Chen