78pc Loss for Dongbei Special Steel Bondholders
The plan released August 3 and obtained by Caixin calls for the debt-ridden state-owned enterprise (SOE) to fully repay every unsecured creditor holding no more than 500,000 yuan (about $75,344) worth of debt at face value. Any creditor with more than that amount may be repaid in cash at 22.09% of value, or accept a debt-for-equity swap.
Chinese steel production hit an all-time high in July.
And the Chinese yuan continues rising against the U.S. dollar. USDCNY hit 6.62 today.