China's largest private investment fund is on the verge of bankruptcy

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China's largest private investment fund, China Minsheng Investment Group, was on the verge of bankruptcy, Bloomberg reported. The Chinese financial sector is experiencing a non-payment crisis - in 2018 overdue payments reached 120 billion yuan. CMIG Investment Fund urgently needs to pay $800 million to Eurobond holders after it failed to redeem bonds worth 3 billion yuan back in February. The fund, the assets of which amount to $45.5 billion, does not seem to have the means to pay the debt in excess of $35 billion. The Hong Kong Stock Exchange received a notice from the fund stating that it hired lawyers from Kirkland & Ellis. This message, in conjunction with the fact that banks have assembled a committee of creditors, speaks of the approaching bankruptcy of the fund with the exchange of debt for shares.

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