China Energy's Unkept Promise Jolts Dollar-Bond Investors

That’s what happened with China Energy Reserve & Chemicals Group Co. on that morning. The company said it planned to repay its overdue $350 million notes and a coupon on its 2019 bonds, sparking a rebound in its notes, only to say later that day it had insufficient funds in its trustee account to meet both the obligations. That sent the notes tumbling once again.
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