These Chinese Bondholders Are Being Paid in Ham Instead of Cash
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A Chinese company has come up with an innovative way to placate creditors - as long as they like ham.
Chuying Agro-Pastoral Group Co. said holders of 271 million yuan ($39 million) of its debt have agreed to take ham or pork gift packages instead of interest payments, according to a filing on the Shenzhen Stock Exchange on Thursday. The Zhengzhou-based pork producer failed to repay 500 million yuan of local bonds due this week amid a cash crunch caused by the spread of African swine fever.