(Bloomberg) — China South City Holdings Ltd., partially owned by the city of Shenzhen, won a reprieve after creditors agreed to extend a dollar bond maturity and lower its coupon, avoiding a default as it soon faces more payment tests ahead.
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Holders of the 9% note due July 2024 with $235 million of principal outstanding agreed to push back its maturity date to August 2027 and halve the interest to 4.5%, according to a filing to the Hong Kong Stock Exchange Wednesday.
The outcome provides immediate relief as a grace period for the coupon payment was set to expire Wednesday. But China South Citys wrangling with bondholders likely will drag on as they failed to reach an agreement on four other dollar bonds that …
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