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 | Thursday, April 27, 2000, updated at 09:11(GMT+8) | ||||||||||||
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AMC Takes Over Two Billion yuan DebtsChina's largest assets management company (AMC), Huarong, has agreed to take over 2.017 billion yuan (about US$ 243 million) of debts from five companies.The agreement for the debt-to-equity swaps was signed recently in Nanjing, capital city of Jiangsu province. Under the agreement, Huarong will replace the five companies as the debtor of the Industry and Commerce Bank of China, one of the leading banks in the country. At the same time, Huarong will hold part of the equities of the five companies, namely Panda Electronics (Group) Co., China Cement Plant, Nanjing Steel and Iron (Group) Co., Jiangsu Glass (Group) Co. and Yangzhou Diesel Plant. The move is aimed at helping the bank deal with bad assets and at the same time reduce the firms' debts and improve their performance, said Min Jinlin, head of the newly established Huarong's Nanjing Office.
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