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Winsway fails to make US$13.15 million interest payment

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World Coal,

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

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