China's CEFC set to pay bond interest as deal empire fails

With deals failing, struggling CEFC from China looks set to meet its interest payment on a dollar bond days after defaulting on a separate debt obligation in the domestic market.

Photo: Ellevio

Beleaguered CEFC China Energy Co. is set to meet an interest payment on a dollar bond, just days after defaulting on a separate debt obligation in the domestic market and as more of the once-promising energy conglomerate’s ambitious deals fail.

Bank of Communications Trustee Ltd., the trustee for the USD 250 million of dollar bonds issued by CEFC Shanghai International Group Ltd., owned by privately-held CEFC, has received payment for a coupon due Friday, according to people familiar with the matter, who are not authorized to speak publicly and asked not to be identified. The unit failed to repay a CNY 2 billion yuan (USD 313 million) bond Monday, triggering a technical default on its dollar notes.

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