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  1. China’s Dongbei Special Steel delays disclosing H1 financial information

China’s Dongbei Special Steel delays disclosing H1 financial information

Unlisted Dongbei Special Steel Group Co Ltd, having defaulted on several bonds earlier this year, said on Monday it would delay the disclosure of its interim financial information.

By: | Shanghai | Published: September 5, 2016 12:02 PM
The troubled Liaoning province-owned steelmaker was scheduled to publish its first-half information on August 31. (Source: Reuters) The troubled Liaoning province-owned steelmaker was scheduled to publish its first-half information on August 31. (Source: Reuters)

Unlisted Dongbei Special Steel Group Co Ltd, having defaulted on several bonds earlier this year, said on Monday it would delay the disclosure of its interim financial information.

The troubled Liaoning province-owned steelmaker was scheduled to publish its first-half information on August 31.

“The company is accelerating debt restructuring, and will audit and disclose relevant financial information when the final restructuring plan is settled,” the company said in a statement published on website of China’s foreign exchange trade platform, or Chinamoney.

The troubles of Dongbei Special Steel, whose original default in March helped trigger a broad-based Chinese bond market sell-off in April, have sparked a rare public battle in China between creditors, a local government and a state-owned company even as concerns mount about growing debt levels in the economy.

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