CMIG keeps creditors on alert

摘要

Cash-strapped private investment firm CHINA MINSHENG INVESTMENT GROUP said last week it was assessing the impact of an onshore debt crisis on its other obligations, sounding the alarm for its offshore creditors. In a filing to the Hong Kong exchange last Monday, CMIG said it had redeemed a Rmb3bn (US$443m) onshore bond issue on February 14, after reaching an agreement with bondholders to extend the original repayment date from January 29. But it said it was still evaluating whether this would trigger cross-defaults on its other loans and bonds.