S&P: China Fishery could still default despite court ruling

A general default could still be inevitable for China Fishery despite Tuesday’s high court ruling in Hong Kong that dismissed the appointment of provisional liquidators, according to Standard & Poor’s.

The rating agency believes the Singapore-listed fishing company is still likely to miss a coupon payment due January 31 on its $300 million (€279.1 million) 9.75 percent bonds due 2019, reports The Edge Markets.

The coupon payment is about $14.6 million (€13.6 million).

“We expect China Fishery's liquidity position to remain tight because all of its bank facilities are at standstill pending further court hearings,” said Lillian Chiou, analyst at S&P.

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