The construction site of the new CCTV headquarters in seen against a foggy city skyline in Beijing, China, Tuesday, July 18, 2006. China's economy grew 11.3 percent in the second quarter, the fastest pace in more than a decade, and the government said it will clamp down on lending and investment. Photographer: NATALIE BEHRING/Bloomberg News
, BLOOMBERG NEWS
(Bloomberg) -- Sunshine 100 China Holdings issues update on 10.5% senior notes due 2021, with outstanding principal amount of notes and any accrued but unpaid interest due on Dec. 5, according to a filing.
- Says it won’t be able to repay principal amount and the accrued interest, due to “liquidity issues arising from the adverse impact of a number of factors including the macroeconomic environment and the real estate industry”
- “As a result, an event of default has taken place,” company adds
- Default will also trigger cross default provisions under some other debt instruments
- NOTE: Sunshine 100 Says Not in Position to Pay Interest of 2021 Bonds
- NOTE: S&P Revises Sunshine 100 China Holdings Rating to D
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