Following a series of credit rating downgrades and delayed bond coupons due to a liquidity crisis, the company missed US$15 million in payments in October 2023, triggering cross defaults in up to $11 billion of offshore bonds.
After facing financial difficulties due to a liquidity crisis caused by a series of credit downgrade warnings and postponed bond coupon payments, the company failed to make its US$15 million October 2023 payment, resulting in cross defaults on up to $11 billion of offshore debt securities.