Dangdai continues maturity day defaults with 10½% notes due 2023

By William Gullotti

Buffalo, N.Y., Jan. 17 – Wuhan Dangdai Science & Technology Industries (Group) Ltd. subsidiary Dangdai International Investments Ltd. was unable pay the amount due on its 10½% guaranteed senior notes due 2023 (ISIN: XS2078359432) at maturity, according to a notice.

The guaranteed notes matured on Jan. 16, and non-payment at maturity triggered a cross-default for its 9% guaranteed senior notes due March 7, 2023 (ISIN: XS2453127172).

The maturity day default, and subsequent cross-default, follow cross-defaults on both series triggered by the company’s previously reported maturity day default on Nov. 15, 2022, which involved its $200 million of 9¼% guaranteed notes (ISIN: XS2408455553).

As with the previously defaulted notes, the 10½% notes were likewise delisted on the maturity date.

Noteholders requiring additional information are directed to contact Dangdai directly at usdbond@dangdaigroup.com.cn.

The notice also indicated that an onshore creditor committee was formed, which is led by China Huarong Asset Management Co., Ltd., Hubei Branch.

Based in Wuhan, China, Dangdai is a conglomerate with a substantial medical and pharmaceutical portfolio.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.