Repeat Chinese defaulter Sunshine 100 misses payment on US$179 million of debt and interest
- Sunshine 100 said it wouldn’t be able to repay the US$170 million of principal and more than US$8.9 million of interest on its 10.5 per cent senior notes due 2021
- The company said in August that it wasn’t able to repay the principal, premium and accrued interest of its 2021 bonds
Chinese developer and repeat defaulter Sunshine 100 China Holdings has missed payment on US$179 million of debt and interest payments due Sunday, as higher borrowing costs hit indebted companies across the sector.
Sunshine 100 said in a filing that it won’t be able to repay the US$170 million of principal and more than US$8.9 million of interest on its 10.5 per cent senior notes due 2021.
The company said in August that it wasn’t able to repay the principal, premium and accrued interest of its 2021 bonds. Its default will also trigger provisions under some other debt instruments.
The firm has struggled to meet debt obligations this year as authorities cracked down on excessive leverage in the property industry.
It conducted a distressed repurchase that S&P Global Ratings said was “tantamount” to default in March and failed to repay a dollar bond due August 11. Sunshine 100 has US$385 million of outstanding dollar notes including those with missed payments across three bonds, Bloomberg-compiled data show.