restructuring


China's indebted HNA Group reports $10 billion embezzlements

China's indebted HNA Group reports $10 billion embezzlements

(ATF) Three units of the deeply indebted HNA Group said nearly $10 billion had been embezzled by shareholders in disclosures to stock exchanges as the once high-flying conglomerate teetered on the edge of collapse.A total of 61.5 billion yuan ($9.57 billion) had been embezzled by shareholders and other related parties, …

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China's SOE regulator claims 2,000 companies 'turned around'

China's SOE regulator claims 2,000 companies 'turned around'

(ATF) China's state-owned enterprise (SOE) regulator has helped turned around more than 2,000 loss-making "zombie" companies, according to its deputy head, even as the country faces a spate of corporate bond defaults and rising debts.Weng Jieming, vice-chairman of the State-owned Assets Supervision and Administration Commission (Sasac), said in an interview …

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Pandemic spurs buy-up of debt-laden airlines in China

Pandemic spurs buy-up of debt-laden airlines in China

(ATF) Consumer demand for flights has recovered, but China’s smaller private airlines are running out of working capital. Local governments have stepped in to “bargain hunt” for new owners and turned these airlines into local sweethearts. Several have been nationalised – Ruili Airlines, Hongtu Airlines and Qingdao Airlines – but …

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