China Construction Bank comes to Baoding Tianwei’s rescue
China, Beijing: Having missed bond coupon payment last week, an indebted Chinese state-owned firm Baoding Tianwei Baobian Electric has secured a last-minute bail-out loan from China Construction Bank (CCB).
China, Beijing: Having missed bond coupon payment last week, an indebted Chinese state-owned firm Baoding Tianwei Baobian Electric has secured a last-minute bail-out loan from China Construction Bank (CCB).
According to China’s mainland media, CCB will lend an undisclosed sum to troubled power transformer manufacturer, helping the firm settle a $13.8 million (85.5 million yuan) bond interest payment, reports South China Morning Post.
Both Baoding and CCB declined to comment on this report.
It is still not clear what will happen once Baoding’s $242 million (1.5 billion yuan) bond series matures in April next year.
Source: South China Morning Post
Image: Flickr (YC Zhang)
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