Chaori Solar: China's First-Ever Corporate Bond Default, And Definitely Not The Last

China is about to face its own "Bear Stearns moment," when the market started to seriously reassess subprime debt risk after the U.S. lender was bailed out in 2008. A small loss-making solar company in Shanghai warned Wednesday that it is unlikely to meet a Friday deadline for an annual interest payment owed to investors, which would make it the country's first-ever domestic bond default and possibly the first of many to come.