crap load!
Jan. 25
(Bloomberg) --
Six of
the 11 Chinese companies listed in Singapore that sold convertible
bonds between 2005 and 2008 have said they are unable to repay
debts, the South China Morning Post reported, citing an investor
association official.
The
Securities Investors Association of Singapore asked the Chinese
government to discipline the companies since Singapore doesn’t have
the authority to do so,
Chairman
David Gerald said, according to the Hong Kong-based newspaper. The
association represents 4,000 small shareholders, the report
said.
Steel group Delong
Holdings Ltd. and developer Sunshine Holdings Ltd. have reorganized
their finances, while the other four companies are negotiating with
creditors, the report said.
Delong said in
September that it planned to restructure about 1.5 billion yuan
($220 million) of convertible bonds due in 2012 and Sunshine
Holdings said in the same month that it reached a settlement
agreement on $120 million of loans. Delong Holdings
Chairman Ding Liguo didn’t return calls from Bloomberg News seeking
comment today while Foo Soon Soo, joint secretary for Sunshine
Holdings, declined to comment.
China
Printing & Dyeing Holdings Ltd., China Milk Products Group
Ltd., Sino-Environment Technology Group Ltd. and FerroChina Ltd.
are the other companies named by the
SCMP.
China Printing said Oct. 26 it was in restructuring talks with a
potential investor, then said Jan. 21 that the Singapore Exchange
ordered it to delist by Feb. 12. China Milk said on Jan. 5 that it
wouldn’t be able to meet a repayment deadline for convertible bonds
due in 2012 because it was awaiting approval from China’s State
Administration of Foreign Exchange.
Sino-Environment,
a provider of waste-treatment services, said in July that it
couldn’t pay interest on S$149 million ($106 million) of
convertible bonds and asked creditors for more time to review its
finances. Steelmaker FerroChina Ltd. said on Dec. 17 that the
Singapore bourse asked it to delist after saying in October 2008
that it was unable to repay 706 million yuan of loans amid the
credit crisis.
Calls to the
offices of China Milk, China Printing, Sino-Environment and
FerroChina weren’t immediately answered.
