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.
Following a series of credit rating downgrades and delayed bond interest payments due to a liquidity crisis, the company failed to make US$15 million in payments in October 2023, resulting in cross defaults on up to $11 billion of offshore bonds.