Troubled Chinese developer Yango Group Co. received a reprieve after its parent company got bondholders’ approval to delay payment of a local bond due next week.
Holders of the 400 million yuan ($63 million) bond issued by Fujian Yango Group, parent of Yango Group, on Friday supported a proposal to extend principal payment of the debt due Dec. 7 by a year, according to a filing on the Shanghai Clearing House. The agreement, reached at a second meeting with bondholders, came after negotiations failed earlier this week.
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December 04, 2021 at 02:54PM
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Yango Group's Parent Gets One-Year Extension on Bond Payment - Bloomberg
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