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Dec 5, 2021
, Bloomberg News
(Bloomberg) --
Chinese developer Sunshine 100 China Holdings Ltd. defaulted on $179 million of debt and interest payments due Sunday as the pain of higher borrowing costs hits indebted companies across the sector.
Sunshine 100 said in a filing that it won’t be able to repay the $170 million of principal and more than $8.9 million of interest on its 10.5% senior notes due 2021. Sunshine 100 said in August that it wasn’t able to repay the principal, premium and accrued interest of its 2021 bonds. The company’s default will also trigger provisions under some other debt instruments.
“Owing to liquidity issues arising from the adverse impact of a number of factors including the macroeconomic environment and the real estate industry, the company is not able to repay the principal amount of the notes and the accrued but unpaid interest,” Sunshine 100 said in a filing.
Clock Is Ticking on China Evergrande’s Debt Crisis: QuickTake
The default highlights the ongoing stress for developers amid ongoing fears that the giant China Evergrande Group could default on its liabilities. Rising Chinese junk dollar bond yields has made it difficult for distressed developers to refinance their maturing debt. That helped contribute to a wave of defaults in October.
©2021 Bloomberg L.P.
