Chinese Defaulter Tus-Holdings Terminates Debt Overhaul Plan
- Firm says yet to receive regulatory approval for overhaul
- Tech park operator first defaulted on dollar debt in 2021
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Chinese technology park operator Tus-Holdings Co. has called off its offshore debt restructuring plan, saying it is unable to pay creditors by a Monday deadline given the absence of regulatory approval.
Tus-Holdings, once owned by China’s prestigious Tsinghua University, was originally scheduled on Monday to deliver payments under its debt overhaul agreement, including a so-called consent fee that compensates creditors for accepting debt reorganization, as well as some principal payments.