China Company That Paid Debt in Ham Instead of Cash Is Running Low on Pigs
- Cash crunch combines with swine fever to wallop pork producer
- Chuying Agro said in November debtholders agreed to ham gifts
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The beleaguered Chinese company that made news last year paying its bond investors in ham instead of cash has a new problem: it’s running low on pigs.
The cash crunch that left Chuying Agro-Pastoral Group Co. unable to service some of its debt has now intensified to the point that it’s unable to buy enough feed, according to an announcement on the Shenzhen Stock Exchange. The pork producer said that contributed to its pigs’ death rate being higher than expected.