Caixin
Dec 01, 2021 05:53 AM
FINANCE

Exclusive: Sanpower Wins Creditor Backing for Restructuring Plan

Sanpower, based in the eastern city of Nanjing, is known for its high-profile 2014 purchase of storied British department store chain House of Fraser
Sanpower, based in the eastern city of Nanjing, is known for its high-profile 2014 purchase of storied British department store chain House of Fraser

China’s debt-laden private conglomerate Sanpower Group Co. Ltd. won creditors’ approval to carry out a long-discussed restructuring to address its nearly $10 billion of debt.

State-owned bad asset manager China Huarong Asset Management Co. Ltd. will provide 8 billion yuan ($1.25 billion) of fresh funding for the rescue, according to the plan.

Sanpower’s restructuring proposal won 89.91% backing from creditors, the company’s Shanghai-traded retail unit, Nanjing Xinjiekou Department Store Co. (600682.SH), said Tuesday in a filing.

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