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| Zhu Kuan debt restructuring on fast track | |||||
| Author:佚名 ArticleSource:http://www.zhuhai.gov.cn/ Hits: Update Time:2006-8-15 | |||||
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The mayor said the Zhu Kuan Group played a positive role in the construction of energy resources and traffic infrastructure as well as in introducing foreign-funded projects in the mid-1980s, which contributed enormously to the development of the city. Zhu Kuan ran into trouble when the Asian financial crisis hit in 1997, and it had to restructure debts. The municipal Party Committee and government attached great importance to helping it settle the debts and had endeavored to find solutions to the problems, Wang stressed. Correspondingly, Zhu Kuan exerted great effort to pave the way for an agreement, which was signed last Saturday, Wang said. Moreover, Wang showed appreciation to the municipal Finance Office, Land & Resources Department, Office of Zhuhai State Property Administration Committee, Finance Department, Development & Reform Department, Justice Department and other departments, which showed high efficiency in their performance. It took six years to help Zhu Kuan restructure the debts concerning nearly 10 billion yuan in debts and billions in assets which involved the Guangdong, Hong Kong and Macao regions. It has gone through ups and downs from failure to self restructure, Winding-up Orders issued by the Hong Kong High Court and Macao's court and negotiations with liquidators and creditors. Under the arrangement of the municipal Party Committee and government, an agreement has finally been signed between investors, creditors and liquidators, which is crucial for the completion of debt restructuring, Wang pointed out. The agreement is also of great significance for the economic and social development of Zhuhai, Wang claimed. To be responsible, the municipal Party Committee and government have been active in collaborating with creditors and liquidators and exploring ways of restructuring the debts. They have also worked hard in financing the settlement. It has proved the integrity of Zhuhai City and it is considered of profound influence in improving the city's investment environment and attracting out-of-town investment, especially international investment, Wang noted. Mayor Wang also called for immediate follow-up work so the debt restructuring can be completed quickly. Xian Wen, a member of the Standing Committee of the municipal Party Committee and executive vice mayor, and Executive Vice Mayor He Ningka were at the meeting. Upon completion of debt restructuring, investors would obtain company assets and then liquidation of the company in Hong Kong and Macao would be done with. Restructuring involves more than 30 financial creditors in inland areas, Hong Kong and Macao and 8 billion yuan ($970 million). (ZD News) | |||||
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