China Sun buys back $8.4 million of its zero-coupon convertible bonds

By Devika Patel

Knoxville, Tenn., Feb. 26 - China Sun Bio-chem Technology Group Co. Ltd. said it has bought back $8.4 million of its $100 million of zero-coupon convertible bonds due 2011, which includes a previously announced repurchase of $4 million of the convertibles.

The company is continuing to explore ways to resolve issues with its convertibles.

The company said on Oct. 26 that it had received notice of an event of default and that the trustee had the ability to declare the convertibles due if requested by holders of 25% or more of the outstanding convertibles.

China Sun is a Beijing-based investment holding company.

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