Chinese Christmas present for Aldesa bondholders

China railways
By Owen Sanderson
03 Jan 2020

Struggling Spanish construction group Aldesa saw a Christmas bounce in its Caa1-rated bonds, following a December 25 takeover deal and capital injection from China Railway Construction Corporation.

The Chinese state-owned company, one of the largest construction groups in the world, is injecting €250m into the company through its CRCC International Investment Group subsidiary, taking a 75% stake.

The group’s existing shareholders, mainly the Fernandez Ruiz family, will keep 25%, and the existing management team, led ...

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