January 5, 2017 / 10:38 AM / a year ago

BRIEF-Cecep Costin New Materials Group updates on repayment of borrowings

Jan 5 (Reuters) - Cecep Costin New Materials Group Ltd :

* Certain subsidiaries in PRC unable to repay certain borrowings of about RMB105.0 million

* Unable to repay certain borrowings that have fallen due and resulted in defaults in repayments

* Currently assessing impact of inability to repay and any potential default on other borrowings

* Defaults may further trigger cross-default of other borrowings, which may in turn impact financial position of group

* Recently discovered Xinhua Co., a unit , provided corporate guarantees in favour of cos not within group, for about RMB196.5 million

* Received two judgement letters issued by PRC courts ordering Xinhua Co be jointly liable to repay about RMB15.5 million and RMB0.3 million respectively Source text for Eikon: Further company coverage:

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