You are here

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