Shanghai Sinooil defaults on $400m loan

By Pan Yue
14 Oct 2019

Shanghai Sinooil Energy Holding Hong Kong, a subsidiary of state-owned China Energy Reserve and Chemical Group, has defaulted on a $400m offshore loan.

The company missed the principal payment on October 8 for a term loan signed in 2017, according to sources.

The loan in question is a $400m three year borrowing led by UBS, launched with an average life of 2.8 years. That transaction is guaranteed by Shanghai ...

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