State-owned Sinosteel has for a second time extended the redemption date for its bonds by a month, pushing bondholders’ ability to exercise a put option on RMB2 billion (US$313.5 million) in bonds to December 16, Reuters reported, citing a statement from the company posted online. Sinosteel likwised repeated its offer of shares in its Shenzhen-listed subsidiary, Sinosteel Engineering & Technology, as collateral for the debt to induce bondholders not to cash out. If Sinosteel formally defaults it would be the first Chinese firm to do so on an enterprise bond–usually issued by large state-owned enterprises.