The government of the Chinese city of Tianjin, the only shareholder of bankrupt ...
SINGAPORE/BEIJING - The government of the Chinese city of Tianjin, the only shareholder of bankrupt Bohai Steel Group Ltd, is demanding that Bohai’s creditors and strategic investor implement a bankruptcy restructuring plan by the end of September, two creditor sources with direct knowledge of the matter said.
The implementation of Bohai’s bankruptcy restructuring plan, which was approved by a local court in January, has been delayed over a power struggle between the Tianjin government, creditors and investors, as well as the local government’s fears of losing state-owned assets and jobs, the sources said.
Neither the Tianjin government nor the management of Bohai Steel immediately responded to requests for comment sent by fax from Reuters. A representative of Delong’s media department said that the company would not accept any interviews or media requests.
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