Rongsheng fails to make bank payments

Hong Kong: China Rongsheng Heavy Industries Group Holdings, the Jiangsu-based debt-laden private shipbuilder, remains overdue on RMB262m ($43m) of bank loans after making late payments on its debt last month, Bloomberg reported.

The company suspended trading in Hong Kong last week pending the announcement a big restructuring plan after posting its fourth straight interim loss.

Shanghai Waigaoqiao Shipbuilding has been linked with helping bail out Rongsheng.  [01/09/14]
 

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