CIFI’s Results Delay Signals Deeper-Than-Expected Issues: Lucror

Published 3 April 2023, 01:40:25.635 GMT

(Bloomberg) -- Chinese builder CIFI’s inability to release 2022 results on time is “slightly surprising” given numerous defaulted peers did, possibly suggesting “deeper-than-expected operational challenges and governance issues,” says Lucror Analytics.

* “A prolonged delay in filing results could impede the progress of the offshore debt restructuring plan,” senior credit analyst Leonard Law wrote in a note Monday

** He added that amid reports of an onshore debt extension, terms for restructuring such notes are expected to be better than for offshore bonds, whose overhaul could be delayed “in favor of reaching a speedier resolution onshore”

By Wei Zhou