kaching we r all good to go20 Dec 2019 18:43
On Friday, an official at Shandong Ruyi’s capital operation department told The Wall Street Journal it had paid creditors all the principal and interest due. “The process was bumpy. As you know, banks and financial institutions have been very unfavorable to Shandong enterprises,” said the official, who asked not to be named.
HSBC, the trustee for the bonds, confirmed Friday afternoon that it received $356.9 million, which comprises the bond principal plus interest.
The repayment appeared to surprise even some influential mainland creditors. In a filing late Thursday, Cinda International Holdings, a unit of the Chinese bad-debt manager China Cinda Asset Management, said it had sold its Shandong Ruyi bonds with a face value of $6 million for about 78% of that amount. Cinda said it sold the bonds because there was a risk they wouldn’t be redeemed at maturity.