×
205
Fashion Jobs
H&M
Chemical Compliance Specialist Cosmetic Products
Permanent · Stockholm
H&M
3d Business Expert - Competence Lead to h&m Business Tech
Permanent · Stockholm
H&M
Product Owner For One of The Style Products Within Customer Engagement Area
Permanent · Stockholm
H&M
Buyer to h&m Home – Kids Section
Permanent · Stockholm
H&M
Product Owner to Global Connectivity, h&m Group
Permanent · Stockholm
H&M
Merchandise Manager
Permanent · Stockholm
H&M
Cross Delivery Coordinator to Sap Test Management, h&m Group
Permanent · Stockholm
H&M
Data Analyst to Allocation Precision Team to Business Tech
Permanent · Stockholm
H&M
Head of Expansion & New Business - h&m Beauty
Permanent · Stockholm
H&M
Data Analyst to h&m Business Tech - Payments Area
Permanent · Stockholm
H&M
HR-Specialist Within Labour Law
Permanent · Stockholm
H&M
Business Developer to The Laboratory
Permanent · Stockholm
H&M
Product Area Analyst For Customer Commerce Delivery @h&m Business Tech
Permanent · Stockholm
H&M
Packaging Solution Business Expert, h&m Group
Permanent · Stockholm
H&M
Product Owner to Sap Release & Delivery Management, h&m Group
Permanent · Stockholm
H&M
Area Operation Manager - Network, h&m Group
Permanent · Stockholm
H&M
Marketplace - Business Expert / Project Manager to External & New Sales Channel
Permanent · Stockholm
H&M
Business Expert / Compliance to Checkout at h&m
Permanent · Stockholm
H&M
Product Owner to Store Lifecycle
Permanent · Stockholm
H&M
Product Owner Within Cloud Platform
Permanent · Stockholm
H&M
Product Owner For Finance Automation to h&m Group
Permanent · Stockholm
H&M
Information Security Specialist
Permanent · Stockholm
Published
Dec 17, 2020
Share
Download
Download the article
Print
Click here to print
Text size
aA+ aA-

Shandong Ruyi in bond default

Published
Dec 17, 2020

Shandong Ruyi, the Chinese group that controls, SMCP, Aquascutum, The Lycra Company and Gieves & Hawkes, has defaulted on two CNY1 billion/$153 million bonds. The privately-held company has been dealing with a massive debt load following a series of acquisitions in recent years.


Aquascutum



Payment on the bonds had been due on Monday and Tuesday and Bank of Communications, the state-owned main underwriter of the first bond, said it would "supervise and urge" the company to pay what was owed. 

It's not the first Chinese or international business that has defaulted on payments in the wake of the crisis caused by the pandemic. 

But there have been concerns for some time about the massive debt Shandong Ruyi has built up during its acquisition spree. This has got in the way of some of its acquisition plans with tailor Bagir going under after Shandong pulled out of an investment deal. And it emerged this year that the 2018 deal for the firm to buy Bally from JAB Holdings has been abandoned.

Reports this week said Shandong had been hoping for a rescue deal from a local government financing vehicle. Jining Urban Construction Investment agreed to buy a 26% stake in it back in October 2019, but in June this year it said it was pulling out of that arrangement as such vehicles have come under government pressure to minimise risky investments.

Copyright © 2022 FashionNetwork.com All rights reserved.