Chinese Property Developer Sino-Ocean Group Asks Bondholders To Delay Interest Payments
Portfolio Pulse from Daniel Harrison
Chinese property developer Sino-Ocean Group Holding Limited (OTC:SIOLY) has asked its bondholders to delay interest payments, following a default on its bond repayments. The company had previously frozen $4 billion of offshore debt. Sino Ocean also warned that it may not meet the December payment deadline and would formulate a new payment plan if necessary. No additional interest would be offered for the delayed payment. Other major defaulters include Country Garden Holdings Limited (OTC:CTRYF) and China Evergrande Group (OTC:EGRNQ).
October 13, 2023 | 2:42 pm
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NEGATIVE IMPACT
Country Garden Holdings is among the major defaulters on bond repayments.
The company's default on bond repayments indicates financial distress, which is likely to negatively impact its stock price.
CONFIDENCE 100
IMPORTANCE 75
RELEVANCE 50
NEGATIVE IMPACT
China Evergrande Group is among the major defaulters on bond repayments and is facing legal troubles due to its debt structuring problems.
The company's default on bond repayments and legal troubles indicate financial distress, which is likely to negatively impact its stock price.
CONFIDENCE 100
IMPORTANCE 75
RELEVANCE 50
NEGATIVE IMPACT
Sino-Ocean Group has defaulted on its bond repayments and asked for a delay in interest payments.
The company's inability to meet its debt obligations indicates financial distress, which is likely to negatively impact its stock price.
CONFIDENCE 100
IMPORTANCE 100
RELEVANCE 100