The Chinese clothing maker that controls brands including The Lycra Company and Gieves & Hawkes revealed on Monday that it had failed to pay back investors on a $153m bond, the latest in a string of defaults in the country.
Shandong Ruyi Technology Group, which has struggled to cope with a heavy debt load after a series of high-profile international acquisitions, said in a filing that it had failed to repay the principal and interest on a Rmb1bn bond that came due on Monday.
It has joined a growing list of defaults among troubled companies that have sent tremors through China’s $4tn corporate bond market since November.
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