Chinese steelmaker Dongbei Special Steel has failed to pay an 852mn yuan ($130mn) bond payment and risks missing a larger payment next week. The payment of principal and bond interest was due on 28 March, but the company failed to raise financing and “cannot pay in full and on time, constituting a material breach,” the state-owned company said. Clearing service Shanghai Clearing House confirmed separately it was unable to redeem bonds because it had not received payment from Dongbei Special Steel by the end of the day.
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