LGFV in China's Shandong Province Extends Debt Payment Deadline [BNN Bloomberg (Canada)]
CHINA MINSHNG BK UNSP/ADR (CMAKY)
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en.cmbc.com.cn/cmbctoday/investorrelations/aboutus/bankoverview/index.htm
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Source: BNN Bloomberg
the payment deadline for nearly all of its 479 million yuan ($66.8 million) non-bond debts, highlighting the sector's liquidity challenges despite government support. Weifang Binhai Investment Development Co., which raises off-balance-sheet debt financing for the province's infrastructure projects, hadn't made payments as of Dec. 31, 2023, past the original deadline, according to the LGFV's filing this month that was posted on Shanghai Stock Exchange's private disclosure forum but seen by Bloomberg. The LGFV revealed its extension agreement in another filing that was posted Jan. 23 in the stock exchange's private forum and seen by Bloomberg. The parties still have yet to agree on how to treat 2.3 million yuan of the total, according to the Jan. 23 filing. Its creditors include China Minsheng Banking Corp. LGFVs' massive off-balance-sheet debts have emerged as a pressing issue for Beijing, which is keen on restoring investors' confidence in the struggling economy. While they're c
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