July 6, 2018 / 4:17 AM / 10 months ago

China's Wintime Energy defaults on bond payments, triggers cross-guarantee

SHANGHAI, July 6 (Reuters) - China’s Wintime Energy Co. said it had failed to make principal and interest payments on its commerical paper due July 5, and was in “material default”.

In a statement posted to the website of the Shanghai Clearing House, the company said the default had triggered a cross-guarantee on short-term commercial paper issued by its parent, Wintime Group Co.

The Shanghai Clearing House said on July 5 it had not received interest payments from Wintime Energy. (Reporting by Andrew Galbraith Editing by Eric Meijer)

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