Pig Farm Operator to Pay Debts With Thousands of Pounds of Flesh
The outbreak of African swine fever spreading across China is starting to infect its financial markets, with a desperate pig farm operator who defaulted on a bond offering to pay interest on its debts in pork amid a cash crunch it's blaming on slumping sales.
Shenzhen-listed Chuying Agro-Pastoral Group wants creditors to accept ham and premium pork products rather than cash as interest payments on its borrowings, the company said in a filing (link in Chinese) with the stock exchange on Thursday. Creditors owed a combined 271 million yuan ($39 million) in principal and interest have agreed to the offer, it said, without providing further details. The principal will be repaid in cash but payment is being deferred, it said.
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