Property News · August 20, 2018

Oil giant CEFC China’s debt woes widen as unit defaults on commercial paper


CEFC Shanghai International Group, a unit of the country’s largest private oil conglomerate CEFC China Energy, said on Monday it failed to repay principal and interest on 2.1 billion yuan ($306 million) worth of commercial paper due on August 20.
The unit said it defaulted because operations had been seriously affected by recent negative events at the company, and it is actively raising funds to repay investors.
The announcement was made in a statement via the Shanghai Clearing House….

Source : South China Morning Post
Read more…Oil giant CEFC China’s debt woes widen as unit defaults on commercial paper

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