Executives at Chaori admitted yesterday that the company wasonly in a position to pay out 4m yuan ($650,000) of the 89.9m yuan that it owedits bondholders as of today.
“We will try our best to pay bondholders as soon aspossible, but the company also has other debts,” an executive was quoted assaying the Wall Street Journal.
Chaori’s default is seen as a watershed for China’s economy,where untold numbers of companies – not least in the solar sector – have been grantedbailouts and extensions on their loans in recent years.
Beijing
