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
The World Cement Podcast - The changing face of cement in Europe
In this special joint episode of the World Cement Podcast and Cementing Europe’s Future, Senior Editor David Bizley is once again joined by Koen Coppelholle, CEO of Cement Europe (formerly CEMBUREAU). The two discuss the reasons behind the rebrand, a new action plan for cement, and the future of the industry.
Tune in to the World Cement Podcast on your favourite podcast app today.
