SHANGHAI, July 30 (Reuters) - Dalian Machine Tools Group, an unlisted company in China, said on Monday it was unable to make interest and principal payments on a medium-term note totalling 407.9 million yuan ($59.7 million) that are due July 30.
In a statement posted on the website of the Shanghai Clearing House, the privately-owned company said that it was unable to make the payments amid a restructuring process.
It was the company’s third bond payment default this year.
Dalian Machine Tools previously defaulted on principal and interest payments on a private-placement note in February, and on interest payments on a medium-term note in January. ($1 = 6.8361 Chinese yuan) (Reporting by Andrew Galbraith; Editing by Richard Borsuk)