Chinese builder Sichuan Languang Development Co. failed to repay a local bond, marking its first default in a domestic credit market grappling with rising debt failures, Bloomberg News reported. The company was not able to raise enough funds for the repayment on a 900 million yuan ($139 million) local bond that matured Sunday, which amounts to a default, according to a Monday statement from Languang to the Shanghai Clearing House. The builder said last week it might not be able to make the payment.

China has prospered during much of the coronavirus pandemic as the world’s factory, making everything from face masks to exercise equipment for housebound consumers. Demand for its products doesn’t appear to be slowing even as Western economies reopen, the New York Times reported. China’s General Administration of Customs announced on Tuesday that the country’s exports surged 32.2 percent in June compared with the same month last year.

The U.S. private equity group in talks with Sanjeev Gupta over refinancing his Australian operations, White Oak Global Advisors, is moving deeper into the trade credit business after snapping up one of Greensill Capital’s subsidiaries, the Australian Financial Review reported. White Oak Global Advisors CEO Andre Hakkak, who is in refinancing talks with Sanjeev Gupta, has bought Greensill Capital subsidiary Finacity. White Oak has been named the successful bidder of Finacity, a US firm which helps companies raise cash by acquiring their invoices.

Those in the business of mining cryptocurrencies are rushing to leave China, which had accounted for 60% of global bitcoin mining, as the nation tightens restrictions on such activities, Nikkei Asia reported. China, which is already testing a digital yuan, has moved early to rein in other virtual currencies, sparking widespread disruption. The government in May announced tougher restrictions targeting cryptocurrency mining and transactions.

Hyflux Ltd.’s judicial manager brought a plan to liquidate the Singapore company before a court on Monday, following a years-long saga in one of the city-state’s most high-profile distressed cases, Bloomberg News reported. The hearing comes after the court-appointed manager in charge of the water treatment company since November applied last month to wind up the firm. Judicial manager Borrelli Walsh Ltd. said in a statement in June that “the remaining value” of the Hyflux Group is best realized in a liquidation.

Singapore property group City Developments Limited (CDL) has said it will continue to limit further exposure to a China unit, which is now facing a bankruptcy claim, the Straits Times reported. CDL reiterated in a filing to the Singapore Exchange on Thursday that it has "ring-fenced its current financial exposure" to its investment in Sincere Property, and will not support the unit's continuing financial obligations. "Despite the bankruptcy proceedings, the group will continue to strenuously protect its position and limit further exposure," said CDL.

Tsinghua Unigroup Co., a key player in China’s push for self-reliance in semiconductors, said Friday that one of its creditors has asked a court to begin bankruptcy proceedings for the group, the Wall Street Journal reported. The state-backed chip maker said that it had received a notice from a Beijing court saying that Huishang Bank Corp Ltd. , a Hong Kong-listed bank based in Anhui province, has requested the court to start bankruptcy and reorganization proceedings, on the grounds that it has failed to repay its debts, according to a Unigroup filing to the Shanghai Stock Exchange.

The bankruptcy hearing of Terence Loh, the co-founder of Novena Global Healthcare (NGH) on Thursday (July 8) resulted in the High Court granting the order, The Singapore Independent reported. His proposal to the High Court last April for a “white knight” to seek refinancing for his loan of $24 million with DBS Bank fell through. Moreover, he planned on entering a voluntary arrangement with his creditors, so he could repay them. But by June, his lawyer, Muralli Rajaram of K&L Gates Straits Law, told the High Court that he would no longer proceed with the voluntary arrangement.

The National Company Law Appellate Tribunal (NCLAT) has closed the insolvency proceedings against Oyo and its subsidiary Oyo Hotels and Homes (OHHPL), the Times of India reported. The tribunal’s order disallowed the intervention of external parties, including the Federation of Hotel & Restaurant Associations of India (FHRAI), in the matter.