Chaoda Modern Agriculture, the scandal-hit Chinese vegetable supplier, faces a potential battle with bondholders after the Hong Kong-listed company breached a covenant in its $200m of convertible bonds.
Holders of Chaoda’s bonds due in 2015 can demand that the company repays the principal on the bonds if its shares are suspended for more than 60 consecutive days – a threshold that was breached on Friday.
On Tuesday, Moody’s downgraded Chaoda by six notches from Ba3 to B3, sending its credit rating from “investment grade” to “junk”.
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