Creditors have agreed to the restructuring of a heavily indebted Chinese coal miner that has menaced the country’s shadow banking sector with a wave of defaults.
Details of the restructuring of Liansheng Resources – based in northern China – were not published by Xinhua, the official news agency that made the announcement, but an earlier report in local media indicated that the deal would avert defaults.
It would be the second time in less than a month that Chinese financial institutions have rescued shadow bank products.
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