China Shanshui liquidation application rejected
Published by Joseph Green,
Editor
World Cement,
Bloomberg has reported that the Grand Court in the Cayman Islands rejected China Shanshui Cement Group’s application to liquidate its business. The decision has cleared the way for major shareholders to figure out a way for the company to repay debt.
Shanshui announced that the court ruled that the company’s directors did not have the authority to present a winding-up petition on behalf of the company.
Shanshui failed to repay US$313 million of onshore notes two weeks ago as a shareholder fight hurt financing.
Tianrui Group Co announced on 17 November that it would lend funds if its proposed restructure of the cement company’s board occurs and triggers early repayment of Shanshui’s US$500 million of 2020 bonds.
Edited from source by Joseph Green. Source: Bloomberg
Read the article online at: https://www.worldcement.com/asia-pacific-rim/24112015/china-shanshui-liquidation-application-rejected-57/
You might also like
World Cement Podcast
In the latest episode of the World Cement Podcast, Senior Editor David Bizley is joined by Dr Andrew Minson of the GCCA to discuss the ins and outs of the recently launched Low Carbon Ratings (LCR) system.
Responsible Capacity Growth, Powered by Your Data
As demand rises with urbanisation, manufacturers must meet growth targets while advancing 2030 and 2050 decarbonisation goals. AI Optimisation (AIO) technology is empowering teams with AI expertise to transform operations and accelerate their journey toward a smarter, more sustainable future.
