China: Shandong Shanshui Cement has entered into a debt investment framework agreement. Cinda Shandong will acquire the defaulted bonds issued by Shandong Shanshui. It will also loan Shandong Shanshui up to US$1.15bn. Deputy chairman Mi Jingtian told the Xinhua News Agency that his company had 'paid in full' all outstanding interest and regained a 'normal working relationship' with commercial banks. Earlier in December 2016 Shandong Shanshui said that it had settled with China Merchants Bank in a dispute over US$81m of loans. Shanshui Cement has faced financial problems since a shareholder battle for control of the company took place in late 2015.
Shandong Shanshui Cement starts to tidy up debts
Written by Global Cement staff
Published in
Global Cement News
Tagged under
Register for the Global Cement Weekly email newsletter
Global Cement Weekly is Global Cement’s weekly email newsletter. Keep up to date with cement industry news, analysis, diary dates and news of people in the sector.
URL: https://globalcement.com/news/item/5599-shandong-shanshui-cement-starts-to-tidy-up-debts
© 2024 Pro Global Media Ltd. All rights reserved.