October 22, 2018 / 9:58 AM / 2 months ago

China's Wintime Energy defaults on bond payment, triggers cross-guarantees

SHANGHAI, Oct 22 (Reuters) - China’s Wintime Energy Co , a coal processing company, said on Monday that it had defaulted on principal and interest payments on a puttable medium-term note after investors exercised their options to sell bonds back to the company.

The payments, worth a total of 1.49 billion yuan ($214.74 million), were due Oct. 22, the company said in a statement on the website of the Shanghai Clearing House.

In a separate statement, the company said the default had triggered cross-protection clauses in six of its other outstanding debt instruments.

$1 = 6.9387 Chinese yuan Reporting by Andrew Galbraith

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