Zhongfu defaults on bond
Print Edition
ZHUHAI Zhongfu Enterprise Co, the bottler of Coca-Cola Co and PepsiCo Inc, said yesterday that it won’t be able to fully repay a bond due tomorrow, the latest Chinese company to default in the onshore note market this year.
Zhuhai Zhongfu said it could only repay 148 million yuan (US$23.9 million) out of the 590 million yuan, a statement to the Shenzhen Stock Exchange said. It will try to raise funds for the bond payment until the last moment, the firm said, adding that it plans to pay the interest of 31.2 million yuan.
Its default came after Shanghai Chaori Solar Energy Science & Technology Co missed payments on onshore bonds last year.
Kaisa Group Holdings became the first Chinese developer to default on its US dollar debt in April.
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