Chinese language property big Nation Backyard has missed a closing deadline to pay curiosity on a greenback bond, capping a outstanding fall from grace for an organization that was as soon as thought-about among the many most secure builders within the nation.
The corporate hasn’t made a $15.4 million curiosity fee on an excellent greenback bond, in line with two buyers who maintain the bond. That might result in a wave of cross-defaults on its different worldwide debt. Nation Backyard had round $15.2 billion of worldwide bonds and loans excellent on the finish of June, in line with its public disclosures.
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