Yuzhou Group officially defaults on 8˝% senior notes due 2023

Chicago, March 7 – Yuzhou Group Holdings Co. Ltd. provided information that it has officially defaulted on an interest payment on its $500 million 8˝% senior notes due 2023, according to an announcement.

The company missed a $21.25 million interest payment due and payable on Feb. 4, and the 30-day grace period is now expired.

The non-payment has caused a cross-default on the company’s 2023 II notes.

Noteholders may immediately demand repayment on the $500 million outstanding 2023 notes.

As of Monday, the company has not received any notice of acceleration on the 2023 notes.

No event of default has occurred on any of the notes that are part of the company’s consent solicitation (except the 2023 notes), the new notes or the $300 million senior perpetual securities.

Based in Shanghai, Yuzhou develops residential properties in southern China.

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