Exclusive: Sanpower Wins Creditor Backing for Restructuring Plan
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.
- MOST POPULAR