The debt crisis at laminating film manufacturer Kangde Xin Composite Material Group deepened Friday after its overseas subsidiary failed to honor a March commitment to pay $9 million interest on a U.S. dollar bond traded in Hong Kong. Creditors who are owed more than 1 billion yuan ($149 million) between them are also lining up to sue the company to recover their money.
Bond Defaulter’s Troubles Deepen as Creditors Circle
Kangde Xin’s default on an offshore bond is the latest piece of bad news for a company that’s now being chased for more than $149 million of unpaid debts
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- The people controlling Kangde Xin have repeatedly misrepresented the true state of affairs, one institutional investor told Caixin. Photo: IC
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