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BRIEF-Chongqing Iron & Steel says it has been confronted with an "austere situation" in both production and operation
May 25, 2017 / 10:45 PM / 4 months ago

BRIEF-Chongqing Iron & Steel says it has been confronted with an "austere situation" in both production and operation

May 26 (Reuters) - Chongqing Iron & Steel Co Ltd

* has been confronted with an austere situation in both production and operation, facing severe financial strain

* as at 31 December 2016, equity attributable to owners of company was a loss of rmb107 million

* had in-depth communications with major creditors in respect of debt repayment scheme

* court is currently reviewing application for reorganisation of co

* “company is still exposed to risk of being declared bankruptcy by court as a result of failure of reorganisation”

* there is uncertainty as to whether or not co can enter into reorganisation procedure Source text for Eikon: Further company coverage:

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