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Chuan Chuan energy defaults affected ICBC Asia and Chiyu affected

2019-12-23T12:11:03.821Z


The Ming Pao reported that Shanghai State Reserve Energy's Shanghai State Reserve Energy Group ($ 400 million) syndicated loan could not repay the principal and interest, and 23 China, Hong Kong, Taiwan and foreign banks were affected. It also pointed out that ICBC Asia and Chiyu Banking


Financial news

Written by: Zhang Weilun

2019-12-23 20:02

Last updated: 2019-12-23 20:02

Ming Pao reported that China National Reserve Energy ’s Shanghai State Reserve Energy (US $ 400 million) syndicated loan was unable to repay principal and interest, and 23 China, Hong Kong, Taiwan and foreign banks were affected. It also pointed out that ICBC Asia and Chiyu Banking have Hong Kong banks with a financial background are also affected, but the amount of the impact is unknown.

The source was quoted as saying that the State Reserve has discussed repayments with the syndicate.

The report also pointed out that Zhuang Yiyuan, deputy director of the Banking Bureau of the Taiwan Financial Management Association, had confirmed that there were problems with the loans provided by 11 banks to the Shanghai State Energy Reserve. Relevant banks have asked Shanghai State Reserve to increase encumbered assets and propose new repayment plans.

In addition, the US $ 350 million bond (5409) issued by Xusheng, guaranteed by Peking University Resources and Founder Information, was suspended from this morning to release inside information related to the issuer.

Debt default

Source: hk1

All news articles on 2019-12-23

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