Dropping Like Flies: Largest Steel Maker In China’s Shanxi Province Defaults On CNY 3 Billion In Debt

Thursday, March 20, 2014
By Paul Martin

by Tyler Durden
ZeroHedge.com
03/20/2014

When we started discussing the upcoming onslaught of corporate defaults in “Minsky Moment” China, now that the bankruptcy seal has been broken, we warned that the worst is about to come. Well, it’s coming. Overnight, Hong Kong’s The Standard reported that in addition to the solar, coal and real-estate developer companies that are on everyone’s radar as potential future bankruptcy candidates, one can also add steel makers to the list, with its report that Highsee Group, the largest private steel makers in Shanxi province has defaulted on CNY3 billion of debt, unable to repay its bonds on time.

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