Sunshine 100 Says It Has Defaulted on Senior Notes Due 2021

(Bloomberg) -- Sunshine 100 China Holdings issues update on 10.5% senior notes due 2021, with outstanding principal amount of notes and any accrued but unpaid interest due on Dec. 5, according to a filing.

• Says it won’t be able to repay principal amount and the accrued interest, due to “liquidity issues arising from the adverse impact of a number of factors including the macroeconomic environment and the real estate industry”
• “As a result, an event of default has taken place,” company adds
• Default will also trigger cross default provisions under some other debt instruments
• NOTE: Sunshine 100 Says Not in Position to Pay Interest of 2021 Bonds
• NOTE: S&P Revises Sunshine 100 China Holdings Rating to D

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