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China banks agree Sinosteel debt restructuring deal -Bank of China
December 9, 2016 / 4:12 AM / a year ago

China banks agree Sinosteel debt restructuring deal -Bank of China

BEIJING, Dec 9 (Reuters) - Six Chinese banks, including Bank of China, have signed a debt restructuring deal with Sinosteel, the troubled Chinese steelmaker which became one of the first state-owned firms to encounter bond repayment problems in 2015.

Bank of China outlined details of the agreement with Sinosteel in a statement on Friday.

The first phrase of restructuring will be for more than 60 billion yuan ($8.70 billion) of debt, it said. ($1 = 6.8994 Chinese yuan renminbi) (Reporting by Josephine Mason and Beijing newsroom; Editing by Muralikumar Anantharaman)

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