20 August 2019

Chaori bond trustee urges bondholder action, WSJ reports

The trustee of the first defaulted corporate bond in China has urged bondholders to take action to recover interest payments, the Wall Street Journal reported Tuesday. China Securities Co., which was also the underwriter of Shanghai Chaori Solar Energy Science & Technology Co.’s bond, asked for bondholder authorization to file lawsuits against the company and take part in possible restructuring, consolidation, and bankruptcy proceedings to protect bondholders’ interests, the report said. Shanghai Chaori failed Friday to pay 89.8 million yuan (US$14.6 million) in interest on a one billion yuan five-year bond sold two years ago.

– Contact HKEJ [email protected]


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