ann out: gxy reaches agreement with bond hold, page-17

What I found interesting was Fengli might be positioning for a takeover through oversubscriptions and bond repayments. They could also be the primary party responsible for instigating the whole liquidity crisis by foreshadowing that they would exercise the option.

Also interesting is that the owner is based in Jiangsu, would be politically connected (therefore might have the ear or at least contact with other creditors) and a desire to add to his growing empire.

Speculation of course, but seems plausible to me.