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Bloomberg: China Sausage Maker Defaults for the Second Time in Two Months

A Chinese sausage maker defaulted on bonds for a second time in two months.
Nanjing Yurun Foods Co. said that it couldn’t repay a 1 billion yuan ($153 million) in bonds due Friday because it failed to allocate the funds on schedule, according to a statement by the company on Chinamoney.com.cn, the website of the National Interbank Funding Center. The company promised to deposit funds for full repayment of the bonds as well as outstanding interest to the center, which will then transfer the funds to bondholders on May 16.