China’s Tsinghua Unigroup unit misses interest payment on 5 3/8% notes

Chicago, Aug. 5 – Tsinghua UNIC Ltd. announced that it has missed an interest payment due July 31 and the default is expected to continue for more than seven days, according to a notice.

The default relates particularly to the $750 million of 5 3/8% guaranteed bonds due 2023.

The default has also triggered a cross-default on the company’s $200 million of 6½% guaranteed bonds due 2028.

Both notes were guaranteed by Tsinghua Unigroup Co. Ltd.

In accordance with a court announcement on July 19 on the national enterprise bankruptcy information disclosure platform, creditors should submit claims by Oct. 8.

Claims can be submitted via the trustee, Citicorp International Ltd.

The company had announced at the beginning of the year that it was unable to pay the principal due at maturity on its $1.05 billion 4¾% notes that matured on Jan. 31.

The chip maker supplies digital infrastructure and services and is based in Beijing.

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