At least there a some good news for reading.
Shanghai. October 16. INTERFAX-CHINA - Singapore-listed FerroChina Ltd. has suspended steel mill operations in Jiangsu Province's Changshu City as it is unable to repay bank loans, and the city government is moving to take over operations, a government official told Interfax on Oct. 15.
Source: http://www.interfax.cn/news/6148/
The most high-profile failure has been steelmaker FerroChina. According to media reports, the government of Changshu, where FerroChina is based, is in talks with banks about a deferral of payments or loans obtained by the company. Reports also say the government is proposing a debt-for-equity swap to relieve financial pressure on the company and may provide a US$200 million guarantee to revive the company.
Source: The Edge 20 October 2008
0 comments
Post a Comment