China’s Crackdown on Defaulters Starts to Embolden Creditors Bloomberg 2/24/2021 Bloomberg News (Bloomberg) -- Chinese bondholders are gaining more power in the corporate restructuring process, underscoring a renewed push by authorities to reform the nation’s $5.2 trillion credit market. Following a slew of defaults late last year that rattled markets, disgruntled creditors have successfully pushed for borrower concessions that would have seemed out of reach in China only a year ago. They reversed a major automaker’s plan to make a profitable unit less accessible to bondholders, forced an energy producer to sweeten a debt swap offer and secured an unprecedented court ruling that required a construction company’s underwriter, rating firm and auditor to compensate individual bondholders.