China tries cure by committee for corporate debt hangover

March 8, 2017 By Shu Zhang and Matthew Miller BEIJING (Reuters) – A $1.44 billion restructuring deal at an insolvent coal mining company in eastern Shandong province offers a glimpse into how China is preparing to tackle a corporate debt burden that has ballooned to $17.9 trillion. Loss-making Feicheng Mining Group struck the deal last December with 10 banks, led by Agricultural Bank of China Ltd (AgBank), which agreed to extend the group’s loans at concessionary interest rates. Bankers say the settlement, which required 10 months and 41 rounds of…

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