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BRIEF-Cecep Costin New Materials updates on financial situation
February 22, 2017 / 2:44 PM / 7 months ago

BRIEF-Cecep Costin New Materials updates on financial situation

Feb 22 (Reuters) - Cecep Costin New Materials Group Ltd

* Certain subsidiaries of co in PRC were unable to repay certain borrowings of about RMB21.5 million that have fallen due

* Further cross-default of other borrowings may in turn have material adverse impact on financial position of Costin Group

* Total amount of borrowings that have fallen due owed by co’s subsidiaries in prc is about RMB736.7 million as at date of this announcement

* As result of defaults, total amount of bank balances of group being frozen was RMB2.9 million as at Feb 22 and cannot be withdrawn Source text for Eikon: Further company coverage:

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