Chinese Developer Yango Scrambles to Avoid Missing Bond Payment
- Developer has warned investors it may be unable to pay bonds
- Company has sought debt exchange on three of its dollar bonds
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Investor focus is on Chinese developer Yango Group Co., as it scrambles this week to win bondholder approval to delay upcoming payments and avoid default.
Having warned creditors that it may be unable to pay bonds at maturity without more time, unit Yango Justice International Ltd. signaled the firm’s tight liquidity when it proposed a debt exchange for new notes due in September next year. Wednesday marked the latest deadline for owners of three separate notes totaling $747 million to vote on the proposal.