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Chinese conglomerate Peking University Founder Group unable to repay overdue bond as restructuring starts

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Peking University Founder Group Corp is not able to repay 2 billion yuan of overdue onshore bonds on Friday as the conglomerate has entered a debt restructuring process.

Within one day of filing paperwork, a Beijing court on Wednesday accepted the application to start the restructuring process for the group after the Bank of Beijing, one of Founder's creditors, asked the court to restructure the indebted state-owned conglomerate, according to a court filing.

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