October 24, 2018 / 2:20 AM / a month ago

Chinese chemicals maker Tongyi defaults on bonds -paper

SHANGHAI, Oct 24 (Reuters) - China’s Tongyi Industrial Group, which makes chemical products, has defaulted on 450 million yuan ($65 million) of bonds, the China Securities Journal said, citing a statement by underwriter Western Securities.

As of Oct 19, Tongyi, which is unlisted, failed to make timely payments of principal and interest on the privately-issued bonds, the newspaper said.

Reuters could not immediately reach officials of Tongyi to seek comment. ($1=6.9367 Chinese yuan renminbi) (Reporting by Samuel Shen and John Ruwitch; Editing by Clarence Fernandez)

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