Wintime Group Seeks to Raise $6 Billion After Wave of Defaults
A private Chinese company and its energy unit are seeking to raise nearly 39 billion yuan ($5.89 billion) through asset sales and debt-for-equity swaps after the latter defaulted last week.
The efforts of Wintime Group Co. Ltd. and its subsidiary illustrate the scramble to raise money that takes place after a debt-laden company loses access to financing and goes into default. Wintime Group’s financial problems come as a growing number of Chinese companies have defaulted on bonds as the government increases scrutiny on corporate debt amid a national deleveraging campaign.
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