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Friday 10 October 2008
FerroChina in Talks with Local Government to Resolve Debt Crisis
Senior management with the Singapore-listed FerroChina is currently in talks with the local government to discuss ways of resolving the company’s debt crisis, a government spokesman. PDF
FerroChina in Talks with Local Government to Resolve Debt Crisis
10 October 2008
(XFN-ASIA) Senior management with the Singapore-listed FerroChina is currently in talks with the local government to discuss ways of resolving the company’s debt crisis, a government spokesman.
The Changshu government spokesman, who did not want to give his name, also noted that the wages of FerroChina workers had been paid on time, and that “everything was still in order.”
The official was responding to media allegations that executives belonging to a subsidiary of the company had already fled the country.
FerroChina’s shares were suspended from trading on the Singapore stock exchange on Wednesday. The company announced yesterday that it was unable to pay or reschedule 706 mln yuan in debts.
China’s Economic Observer newspaper said that on October 8, when FerroChina first announced its share suspension, local courts had already frozen the assets of subsidiaries acquired by FerroChina last year through the purchase of SuperbTeam, a holding company based in Changshu in east China’s Jiangsu province.
The newspaper, in a report on its website, cited an unnamed insider as saying that eight senior officials with SuperbTeam, along with more than 10 middle managers, had already left for Shanghai’s Pudong airport on Oct 7.
It also alleged that a number of domestic trading companies were now in trouble after having signed letters of credit with SuperbTeam.
Asked about the reported disappearance of some of the management team, the government official said: “This is not true.”
Senior officials at FerroChina could not be reached by XFN-Asia for comment today.
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FerroChina in Talks with Local Government to Resolve Debt Crisis
10 October 2008
(XFN-ASIA) Senior management with the Singapore-listed FerroChina is currently in talks with the local government to discuss ways of resolving the company’s debt crisis, a government spokesman.
The Changshu government spokesman, who did not want to give his name, also noted that the wages of FerroChina workers had been paid on time, and that “everything was still in order.”
The official was responding to media allegations that executives belonging to a subsidiary of the company had already fled the country.
FerroChina’s shares were suspended from trading on the Singapore stock exchange on Wednesday. The company announced yesterday that it was unable to pay or reschedule 706 mln yuan in debts.
China’s Economic Observer newspaper said that on October 8, when FerroChina first announced its share suspension, local courts had already frozen the assets of subsidiaries acquired by FerroChina last year through the purchase of SuperbTeam, a holding company based in Changshu in east China’s Jiangsu province.
The newspaper, in a report on its website, cited an unnamed insider as saying that eight senior officials with SuperbTeam, along with more than 10 middle managers, had already left for Shanghai’s Pudong airport on Oct 7.
It also alleged that a number of domestic trading companies were now in trouble after having signed letters of credit with SuperbTeam.
Asked about the reported disappearance of some of the management team, the government official said: “This is not true.”
Senior officials at FerroChina could not be reached by XFN-Asia for comment today.
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