Chinese chemicals maker Tongyi defaults on bonds: paper
[SHANGHAI] China's Tongyi Industrial Group, which makes chemical products, has defaulted on 450 million yuan (S$89.6 million) of bonds, the China Securities Journal said, citing a statement by underwriter Western Securities.
As of Oct 19, Tongyi, which is unlisted, failed to make timely payments of principal and interest on the privately-issued bonds, the newspaper said.
Reuters could not immediately reach officials of Tongyi to seek comment.
REUTERS
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Energy & Commodities
Oil settles lower as US business activity cools, concerns over Middle East ease
Orsted says Taiwan wind project to power TSMC on track for 2025 finish
Gold edges down as Middle East worries ebb
Oil rises as dollar slips, focus shifts to economic data
California to wrap up ExxonMobil plastics probe ‘in weeks’, AG says
Gold edges higher; hovers near one-week low on tempered Middle East fears