Cash-Strapped Investment Group Fails to Repay $445 Million Debt in Full
Debt-laden China Minsheng Investment Group Corp. Ltd. (CMIG) has failed to pay back at least part of a 3 billion yuan ($445 million) loan, underscoring concerns that it could default on more of its borrowings set to mature this year.
Some of investors in the three-year private placement note, which was due for repayment on Tuesday, told Caixin that they had yet to receive their money by midday Wednesday, marking the first time the company has failed to honor a payment on time.
- 1Power To The People: Pintec Serves A Booming Consumer Class
- 2Largest hotel group in Europe accepts UnionPay
- 3UnionPay mobile QuickPass debuts in Hong Kong
- 4UnionPay International launches premium catering privilege U Dining Collection
- 5UnionPay International’s U Plan has covered over 1600 stores overseas