Cloud Live Technology Group Co (中科雲網科技集團), which last month became China’s second company to default on its onshore bonds, is set to repay the interest and some principle on the securities.
The restaurant-turned-Internet company is to pay 35 percent of the face value on 480 million yuan (US$77.3 million) of 6.78 percent bonds, which it issued in 2012, to investors who had exercised an option to sell the notes back on Thursday, according to a statement issued on Sunday.
THURSDAY KEY
Cloud Live is to also repay all the bond interest due on Thursday, it said.
The belated partial payment came after a report from HSBC showed a Chinese manufacturing gauge fell to a 12-month low last month, suggesting government efforts to avert a slowdown are yet to revive the nation’s factories.
China’s onshore bond market had two defaults last month following the first ever in March after Chinese Premier Li Keqiang (李克強) pledged to prevent systematic fallout, while allowing individual cases of financial risk.
PENALTY DUE
The company is also to pay bond holders a penalty sum due to the delayed payment, according to the statement.
The interest plus the penalty is 6.8199 per yuan for each bond with a face value of 100 yuan.
Cloud Live said on April 6 that it had raised 161.4 million yuan for the debt payment due the following day and still had a gap of 240.6 million yuan.
It said last month it also failed to repay interest on March 21 on 110 million yuan of trust loans borrowed from Beijing International Trust Co (北京國際信託有限公司).
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