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Dongbei Steel restructuring plan gets creditor approval-The 19th Guangzhou Die-casting, Foundry & Industry Furnace Exhibition
8/10/2017 ѹÖýÕ¹-ÖýÔìÕ¹- Die-casting expo-foundry expo |
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Reuters reported that creditors of Dongbei Special Steel Group Co Ltd have approved a draft plan to restructure the stricken northeastern Chinese steelmaker. An official with the company''s public relations office told Reuters the plan was passed at a creditors'' meeting on Tuesday morning. He gave no further details.
People with direct knowledge of the matter said the plan was approved by over 80 percent of the 429 creditors attending the meeting.
Under the terms of the agreement, creditors owed more than CNY 500,000 (USD 75,000) can either convert their debt to equity or be repaid 22.09 percent in cash. Creditors owed less than CNY 500,000 yuan will be paid in full.
The plan was submitted to the court in Dongbei''s home city of Dalian last month.
The government has been urging struggling state-owned enterprises to convert debt to equity after introducing new guidelines last year.
According to the most recent data, the total liabilities of state firms reached CNY 94.13 trillion as at the end of June, up 11.4 percent compared with the same period of last year.
-The
19th Guangzhou Die-casting, Foundry & Industry Furnace Exhibition
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