Chinese chemical producer Hongda Xingye Group failed to repay 950 million yuan ($145 million) of bonds that were due Monday but found a way to avoid being labeled a defaulter.
A day before the debt matured, Guangzhou-based Hongda Xingye held an urgent meeting with 12 institutional holders of the 270-day ultrashort-term bonds. More than 90% of the holders voted to cancel registration of the bonds and accept repayment sometime later under separate agreements, according to a Hongda Xingye executive.
