Regulators Set Up Committee to Save Debt-Ridden Conglomerate
Property-to-pharmaceuticals group Sanpower Group is the latest privately owned conglomerate to run into trouble after loading up on 63 billion yuan ($9.2 billion) of debt to finance an aggressive expansion strategy at home and overseas that included the purchase of House of Fraser, the British department store operator.
The company’s financial position has grown so precarious that the banking regulator and local governments in Jiangsu province have stepped in to set up a creditors’ committee to resolve its debt problems, sources close to the matter have told Caixin. Bank of Nanjing, one of the biggest creditors, is leading the negotiations.
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