Caixin
Jan 24, 2019 07:25 PM
FINANCE

One of China’s Biggest Defaulters Misses $158 Million Payment

In a letter to its creditors last year, Wintime Energy acknowledged that it still had about 70 billion yuan of unpaid debt plus interest on its books. Photo: VCG
In a letter to its creditors last year, Wintime Energy acknowledged that it still had about 70 billion yuan of unpaid debt plus interest on its books. Photo: VCG

Coal miner Wintime Energy Co. Ltd., one of China’s biggest debt defaulters, has once again failed to repay some of its debt because its controlling shareholders could not get their hands on enough cash.

Following waves of defaults last year, the debt-ridden Shanghai-listed company announced Wednesday that it was incapable of repaying 1.07 billion yuan ($158 million) in one-year commercial paper due Tuesday, according to a statement (link in Chinese) on its website.

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