Ferrochina Financial Chief Resigns To Pursue Other Opportunities
12 March 2009
SINGAPORE (Dow Jones) - Chinese steel producer Ferrochina Ltd. (F33.SG) said Thursday that its chief financial officer is resigning to pursue another career opportunity.
Soh Wai Kong’s resignation is effective immediately, the company said in a statement.
In a separate filing with the Singapore Exchange, Ferrochina said it has been unable to receive any updates on restructuring plans involving its units in China, which are under an administrator appointed by a court.
Late last year, the company said that more than 200 lawsuits against its units have been filed, with claims amounting to about CNY4.8 billion ($701.3 million). The company, which produces steel coils, said it was unable to repay CNY706 million in loans “due to the current economic crisis.”
The creditors included lenders and suppliers.
Ferrochina’s stock has been suspended from trading since then.
In Thursday’s filing, the company said it attempted to obtain an update on negotiations between the creditors and the administrator, but hasn’t received any information.
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Ferrochina Financial Chief Resigns To Pursue Other Opportunities
12 March 2009
SINGAPORE (Dow Jones) - Chinese steel producer Ferrochina Ltd. (F33.SG) said Thursday that its chief financial officer is resigning to pursue another career opportunity.
Soh Wai Kong’s resignation is effective immediately, the company said in a statement.
In a separate filing with the Singapore Exchange, Ferrochina said it has been unable to receive any updates on restructuring plans involving its units in China, which are under an administrator appointed by a court.
Late last year, the company said that more than 200 lawsuits against its units have been filed, with claims amounting to about CNY4.8 billion ($701.3 million). The company, which produces steel coils, said it was unable to repay CNY706 million in loans “due to the current economic crisis.”
The creditors included lenders and suppliers.
Ferrochina’s stock has been suspended from trading since then.
In Thursday’s filing, the company said it attempted to obtain an update on negotiations between the creditors and the administrator, but hasn’t received any information.
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