This is from the business week site and has been flying around the forum.
Ruyan Group Holdings Limited stated that it was unable to meet the payment for the first scheduled redemption of its convertible notes. The company is also facing difficulties in meeting the payment for the second scheduled redemption of notes. Therefore, the company, note holders and its major shareholder are in talks with an independent third party regarding the settlement of the notes and exchangeable bonds, the acquisition of a controlling interest from the substantial shareholders and the subscription of new shares. We all know whats happening here people.