Reuters logo
BRIEF-China's defaulted Dongbei Steel owes banks $6.4 billion in credit
May 4, 2017 / 11:55 AM / 7 months ago

BRIEF-China's defaulted Dongbei Steel owes banks $6.4 billion in credit

BEIJING, May 4 (Reuters) - Zhang Zhaojun, deputy chief of China’s banking regulator in Dalian city, said at a news conference on Thursday:

* The banking sector’s total credit exposure to Dalian-based, state-owned Dongbei Special Steel Group Co is more than 44 billion yuan ($6.38 billion).

* Bank branches in Dalian have 22.1 billion yuan in credit exposure to Dongbei Special Steel.

* Dongbei has been at the heart of troubles in China’s debt market, defaulting on nine separate bonds last year. It formally entered into a bankruptcy restructuring process in October.

$1 = 6.8945 Chinese yuan renminbi Reporting by Shu Zhang; editing by Jason Neely

Our Standards:The Thomson Reuters Trust Principles.
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below