July 30, 2018 / 10:08 AM / 4 months ago

Dalian Machine Tools defaults on bond interest, principal payments

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)

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