Xibei Bearing Get Out of Debt Dispute

Resource from: cbcc-yinx Likes:3049

Oct 31,2006

Xibei Bearing Get Out of Debt Dispute Recently, Xibei Bearing Group has finally settled their debt dispute with ICBC(Industrial & Commercial Bank of China) Yinchuan branch through debt transfer. Xibei Bearing Group transfered 53.2851 million shares of Xibei Bearing Stock Co.,Ltd(hereinafter refer to as "stock company") to China Great Wall Asset Management Corporation(CGWAMC). With the shares, CGWAMC become the largest shareholder in the stock company, holding 24.57 percent of the total. Xibei Bearing Group, with the rest 30.2823 million shares, declined to the second largest shareholder, accounting for 13.97 percent of the whole share. The debt dispute started in 1998, when Xibei Bearing Group borrowed hundreds of millions of yuan from ICBC Yinchuan branch. In 2001, Xibei Bearing failed to repay the loan and ICBC accused them, freezing part of their surbodinated stock company's equity. In following years, the equity had been kept frozen for the suspend debt dispute. In 2005, ICBC Ningxia provincial branch announced to transfer some of their creditor's rights to CGWAMC, including Xibei Bearing Group's liabilities of RMB237.1938 million. Local media reported that after this debt transfer, ICBC have freed the stock company's equity that had been frozen.

(cbcc-yinx)

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