Just hours after Chinese property developer Kaisa defaulted on two dollar-denominated 2018 notes (the 30-day grace period on some $52 million in interest due March 18 expired), we learn that a third publicly-listed Chinese firm will now miss a coupon payment proving yet again that "you never know where the skeletons in the closet are or what company will be next." 

This time it's Baoding Tianwei Group Co.. which, as Bloomberg reports, has been struggling for quite some time:

"Our company suffered huge losses in 2014 and the debt to asset ratio surged quickly," Baoding Tianwei said in today's statement. "Our company has lost financing ability and suffered from a capital shortage. We can't raise enough money to repay interest, despite all the efforts we have made."

Baoding Tianwei had a loss of 10.14 billion yuan in 2014, according to today's statement. A statement from the company on April 3 showed that by the end of last year, Tianwei had some 1.86 billion yuan of overdue borrowings. Its 22.96 percent stake in listed firm Baoding Tianwei Baobian Electric Co. has been frozen by local courts because of its dispute with creditors, according to China Credit Rating Co.