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Bohai Steel USD 28.9 billion debt plan to get Tianjin government support- The 18th China£¨Guangzhou£©Int¡¯l Sheet metal machinery,Forging, Stamping and Setting Equipment Exhibition
8/23/2016 îÓ½ðÕ¹-¶Íѹչ-sheet metal expo |
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Reuters reported that Chinese Bohai Steel Group, the indebted state-owned conglomerate, may receive help from a local government bailout fund to restructure its debts. Online financial magazine Caixin said at the weekend that
Bohai Steel, which was created in 2010 through the combination of four manufacturers, holds liabilities of CNY 192 billion (USD 28.9 billion) from 105 creditors, alongside assets of nearly CNY 290 billion
As per report, the Tianjin government plans to create a local asset manager to assist in the debt workout of Bohai Steel, alongside other troubled Tianjin enterprises
Bohai Steel creditors include the Tianjin branch of the Bank of Beijing Co Ltd, the magazine reported earlier, and several trust companies such as Tianjin Trust, Beifang Trust and Guomin Trust.
China has been moving to empower special purpose restructuring managers, while accelerating debt-for-equity swaps with creditors, in a bid to manage rising state sector debt.
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The 18th China£¨Guangzhou£©Int¡¯l
Sheet metal machinery,Forging, Stamping and Setting Equipment Exhibition
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