Chinese Bond Defaulter’s Chairman Offers Personal Guarantee
The chairman of a Chinese auto parts supplier that defaulted on bonds last week appeared at a creditor meeting Tuesday, offering a little relief to investors worried that they won’t be able to get their money back.
Shenzhen-listed Kangdexin Composite Material Group Co. Ltd. is the latest defaulter in China’s wave of bond defaults.
The supplier of automaker BMW AG has failed to repay principal and interest on a total of 1.55 billion yuan ($230 million) of debt. The default has raised doubts about the credibility of the company’s financial statements, which showed it held more than 15 billion yuan in cash and bank deposits just four months ago.
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