Sunshine 100 China defaults on 10½% notes due 2021

By Marisa Wong

Los Angeles, Dec. 6 – Sunshine 100 China Holdings Ltd. said it was unable to repay the principal amount and the accrued interest due on its 10½% senior notes due 2021 (ISIN: XS1833288597) at their maturity on Dec. 5.

The company cited liquidity issues arising from the adverse impact of a number of factors including the macroeconomic environment and the real estate industry as reasons for the missed payments.

As a result, an event of default has taken place, according to a company announcement on Monday.

The event of default will also trigger cross default provisions under some other debt instruments.

As of Monday, however, the company has not received any notice regarding action to accelerate by any creditors.

The total outstanding principal of the 10½% notes as of Dec. 6 is $170 million, and the total accrued interest on the notes is $8,925,000.

The company said it has been proactively communicating with noteholders to reach an extension or other repayment arrangements as soon as possible.

The property developer is based in Beijing.

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