HONG KONG -- Standard Chartered has filed a petition to liquidate a Hong Kong-listed unit of Shandong Ruyi Technology Group, the acquisitive Chinese fashion company that failed on Monday to repay a 1 billion yuan ($152.8 million) bond.
In a new statement, Ruyi said it had secured support from an "absolute majority" of bondholders to roll over the debt and spread repayment over the next three years, but that talks were still continuing with a few holdouts. Blaming its liquidity crunch on a concentration of debt payments and the impact of the coronavirus pandemic, Ruyi said it would seek a strategic investor and new fundraising channels.
