Chinese coal exporter Winsway Enterprises Holdings Ltd has announced that following the expiration of its 30-day grace period on 8 May, it has been unsuccessful in making the scheduled interest payment on its US dollar note.
This comes after another Chinese company Kaisa Group Holdings recently defaulted on a dollar bond in the offshore debt market.
The company have commented that the missed payment was for interest due on its 8.5% senior note issued 8 April 2011, amounting to US$13.15 million. The interest payment was due on 8 April 2015.
As a response Fitch downgraded its credit rating to RD – indicating a restricted default - from C after the default notice.
Edited from source by Joseph Green
Source: Reuters