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China coal exporter Winsway fails to make $13.15 mln interest payment

Chinese coal exporter Winsway Enterprises Holdings Ltd said it failed to make the scheduled interest payment on its US dollar note following the expiration of its 30 day grace period on May 8.

It marked the third default this year on a dollar bond by a Chinese company. Kaisa Group Holdings also defaulted in the offshore debt market.

In a stock market filing late on Friday to the Hong Kong Stock Exchange, the company said the missed payment was for interest due on its 8.5 percent senior note issued April 8, 2011, amounting to US$13.15 million. The interest payment was due on April 8, 2015.

On Monday, Fitch downgraded its credit rating to RD - which indicates a restricted default - from C after the default notice.

source: http://www.reuters.com