Tewoo Grouo

China Hit by Biggest USD Bond Default By Tewoo Group Corp

The company is offering a road-map for resolving similar debt crises in the future as the prospect of more failures by state-backed firms looms, the reports said, adding, the one-time Fortune Global 500 company from the northern port city of Tianjin said dollar bond investors representing 57% of the total $1.25 billion have agreed to be paid just 37 to 67 cents on the dollar, depending on the maturity of the debt.