Caixin
Jan 31, 2019 06:52 AM
BUSINESS & TECH

Indebted Steelmaker Moves Toward Reorganization

Debt-ridden Bohai Steel halted most of its production since 2016. Photo: VCG
Debt-ridden Bohai Steel halted most of its production since 2016. Photo: VCG

Three years after a debt crisis crippled Bohai Steel Group, a reorganization plan is raising hopes of recovering some of the Tianjin government-owned company’s $36 billion in debts and reviving part of its business.

Representatives of Bohai Steel’s more than 100 creditors approved a bankruptcy and reorganization plan Wednesday, ending a long series of twists and turns since a creditors committee was formed in March 2016 to try to restructure the debt-ridden company.

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