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Bond Market News
Tus-Holdings Aborts Debt Restructuring Plan
August 27, 2024
Tus-Holdings has aborted its offshore debt restructuring plan, saying that it was unable to pay creditors before a deadline yesterday, due to the absence of regulatory approval. The company was initially scheduled to make payments – a consent fee and some principal payments under its restructuring agreement on Monday. It submitted a filing to the Chinese regulators on April 30 to review its restructuring proposal but did not receive any approval. Tus-Holdings was once owned by China’s Tsinghua University and had defaulted on its dollar bonds in 2021.
Tsinghua’s 6.5% dollar bonds due 2028 are trading stable at 64.5, yielding 13.2%.
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