Green Dragon Gas late on coupon payment for 10% bonds due 2017

By Marisa Wong

Morgantown, W.Va., May 24 – Green Dragon Gas Ltd. did not make the May 20 coupon payment on its 10% senior secured callable bonds issue 2014/2017 on time, according to a notice from bond trustee Nordic Trustee ASA.

The interest payment, which should have been made on May 22, has not been paid due to technical issues.

The due interest is now scheduled to be paid on Wednesday, according to the notice.

Under the terms of the bonds, the unpaid amount will bear interest from the due date at a rate of 15%. Late payment interest will be paid on a later date, the trustee said.

Hong Kong-based Green Dragon Gas produces and sells coalbed methane gas in China.

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