Iron Ore Prices Bounce Too Late for Zibo

Bloomberg: China Iron Ore Miner Defaults on Bond, Hurt by Economy Slump
A Chinese mining company defaulted on its bonds, the latest firm to have trouble with financing as an economic slump hurts business.

Zibo Hongda Mining Co., which is based in the eastern province of Shandong, said it didn’t raise enough funds to make its full debt payment due March 8, according to a statement posted to the Shanghai Clearing House website. The iron ore miner issued 400 million yuan ($61 million) of notes in 2015 with a coupon rate of 8 percent and had to repay 431.91 million yuan in principal and interest Tuesday.

...Zibo Hongda said it will try to raise money through multiple channels to repay the debt, according to its statement.
The Chinese article notes the firm said it would pay its debt on time, only one week before defaulting.

Sina: 内地再发生企业债违约事件 产能过剩行业高危

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