China's Peking Founder unable to repay overdue bond amid restructuring - sources

Peking University Resources (Holdings)

21/02/2020 03:06

BEIJING, Feb 21 (Reuters) - China's Peking University
Founder Group  PEKIN.UL  was unable to repay an overdue onshore
China bond due on Friday, two sources with direct knowledge of
the matter said, as the company has entered debt restructuring.
    The repayment date for the 2 billion yuan ($284.54 million)
worth of short-term commercial paper, which was originally due
on Dec. 1, had been extended to Feb. 21.
    Creditors had agreed to extend the deadline after the
company missed interest and principal payments in December.
    Bank of Beijing  601169.SS , one of the creditors of Founder
Group, has asked a court to restructure the indebted state-owned
conglomerate, according to a recent filing.  urn:newsml:reuters.com:*:nFWN2AJ0V3
    
($1 = 7.0290 Chinese yuan)

 (Reporting by Zhang Xiaochong and Ryan Woo in Beijing, Noah Sin
in Hong Kong; Additional reporting by Noah Sin in Hong Kong;
Writing by Winni Zhou; Editing by Himani Sarkar)
 ((winni.zhou@thomsonreuters.com; +86 21 2083 0100; Reuters
Messaging: winni.zhou.thomsonreuters.com@reuters.net))