Exclusive: State Creditors Sue Embattled Cedar Over Bond Default

Two state creditors took Cedar Holdings Group Co. to court after the debt-ridden commodity giant missed interest payments last month on 8 billion yuan ($1.24 billion) of debts.

The suits against Cedar were filed with the Guangzhou intermediate court and demanded a freeze on the company’s assets, Caixin learned from people familiar with the matter. The plaintiffs are Guangzhou city government-backed Guangzhou Xinhua City Development Industry Investment Enterprises (L.P.) and Guangzhou Kaidi Financial Holding Co. Ltd.