China Steelmaker Defaults on Already Delayed Bond Payment
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A Chinese steelmaker failed to repay a 1 billion yuan ($142 million) bond even after bondholders gave the company more than a month to find the cash.
Shandong-based Xiwang Group Co. didn’t meet the Wednesday repayment deadline for the principal and interest on the bond originally due Oct. 24, the company said in a statement. Bondholders approved the delay earlier this month.