Aug 14, 2012 05:29 PM

Beijing Loan Guarantee Firm Teeters on the Edge

By staff reporter Ma Yuan

(Beijing) – A prominent loan guarantee firm in Beijing will go bankrupt if no restructuring plan can be agreed upon by August 20.

Zhongdan Investment Credit Guarantee Co. Ltd., established in 2003, has been caught in a liquidity crisis since January, when its capital chains reportedly started falling apart. This prompted banks and clients allegedly tricked into depositing their borrowed money with the firm to demand immediate repayment.

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