Special Fund Established to Help Firms Exit Bankruptcy
One of China’s big four asset management companies set up a special fund earlier this year to help troubled companies accelerate bankruptcy proceedings.
China Cinda Asset Management Co. Ltd. registered the 10 billion yuan ($1.5 billion) special fund with the goal of helping companies accelerate their exit from bankruptcy by providing liquidity to help them pay off their debts, Liang Qiang, assistant to the president of Cinda, said during a regular briefing of the China Banking and Insurance Regulatory Commission.
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