Date
23 October 2017

Coal player up for 4.5 bln yuan to overhaul debt, paper says

Investors in a high-yield wealth management product linked to troubled coal producer Shanxi Liansheng Energy Group could be rescued if the Shanxi-based company secures 4.5 billion yuan (US$738.24 million) in promised funding for debt restructuring, Money Weekly reported Monday, citing unidentified sources. According to the latest rescue plan, strategic investors will put in 3 billion yuan and warrantors another 1.5 billion yuan, the report said. The plan has not been finalized, and the previous rescue plan, in which creditor banks agreed to offer 2 billion yuan in loans, is still effective, the report said.

– Contact HKEJ [email protected]

TL/AC/SK

 

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