17
May
08:29
Frustrated creditors sue Chonggang
The heavily-indebted Chongqing Iron & Steel (Chonggang) has only recently seen its troubles multiply after reporting a CNY 4.9 billion ($710 million) loss last year and its asset-liability ratio hit 100%. Now it is facing another two legal suits for debt recovery bringing the total to three lawsuits for more than CNY 124 million in total, Kallanish notes.
Chonggang was forced to terminate its restructuring plan earlier this year, which would h…
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Anonymous
Very good overview of the weekly steel market.
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