By Doug Young:
The list of Chinese companies defaulting on their bonds continues to grow, with word that timber firm China Forestry Holdings (OTCQB:CHFY) (HKEx: 930) has missed an interest payment as it tries to repurchase the notes. I'll admit...
China Forestry Holdings Co., a
timber producer backed by private equity firm Carlyle Group LP,
faces a payment deadline on its U.S. dollar bonds today as it
seeks more time to audit its books and complete a debt buyback.
China Forestry Holdings Co., the Chinese timber company whose shares have been suspended since January last year because of accounting irregularities, said its auditor KPMG LLC resigned citing valuation concerns.