(Yicai Global) July 21 -- Shanghai Qicheng Asset Management Co. privately invested USD80-million in LeEco's convertible bonds, Chinese news outlet Caixin reported today.
The first phase, comprising USD75 million, expired on July 7, though LeEco has not redeemed the bonds in line with the agreement and has defaulted on the account. The second phase, worth the remaining USD5 million, will expire on August 17.
The debtor has offered to postpone redemption of the bonds for a year or convert them into its auto, cloud computing, entertainment or other non-listed divisions as a solution to the problem.
Qicheng is one of many public-private institutions and trusts that cash-strapped LeEco has led into its financial crisis, along with a number of banks and brokers.