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在线翻译:
szdaily -> Markets -> 
Huishan prepares for provisional liquidation
    2017-11-20  08:53    Shenzhen Daily

CHINA Huishan Dairy Holdings Co., struggling under billions of dollars worth of debt, is preparing for provisional liquidation in a legal escalation of one of the most spectacular collapses of a Hong Kong-listed firm in recent years.

Shares in the group, once a hot property with investors, have been suspended since they plunged 85 percent without warning in March, after which it revealed missed loan payments and the disappearance of its finance director.

The move comes as creditors in China and offshore jostle for position to get their money back from the firm, whose debts totaled at least 38 billion yuan (US$5.73 billion) at the end of July, according to a work-out plan.

Hong Kong-based restructuring lawyers said the move by Huishan to file for provisional liquidation could actually help give it “breathing room” against creditors and in theory allow it more sway to choose an outside party to take on the role.

“What the firm is doing is taking control of its own destiny by looking to appoint a provisional liquidator at the listed company level and putting their own choice of person in the role,” one Hong Kong-based restructuring lawyer said.

“They’ll feel they have a little more control over the outcome rather than having someone who comes at it from a creditor’s perspective,” the person said.

Huishan said earlier this month it had come to a agreement with most of its mainland creditors to restructure. The biggest of these include Bank of China Ltd., China Minsheng Banking Corp. and Industrial and Commercial Bank of China Ltd.

Creditors of its Hong Kong-listed unit include a consortium of banks led by HSBC Holdings, China CITIC Bank International and Hang Seng Bank, which extended a syndicated loan to the listed vehicle. (SD-Agencies)

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