Melamine slows *st Asian restructuring

The report put into real estate assets run into macro-control, peeling off dairy assets to meet with melamine, raise funds met financial crisis.　　*st Yahua (000918), a restructuring of the road twists, has again today announced the reorganization of the resistance, and the pace of reorganization of the dairy industry melamine caused by the bank compound interest and penalty. Under the restructuring plan, Citic Capital's Citic Zho Tao arranged the amount of acquisition funds according to the reorganization plan and the previous debt restructuring agreement between the company and the bank, and can achieve 80 million "net shell" reorganization requirements and determined. *st said that since the reorganization of the company from the approval to the implementation of a longer period of time, in particular, the dairy industry "melamine incident" after the company's capital turnover difficulties, inability to comply with the original agreement to return the bank interest on schedule, resulting in a large amount of bank compound interest and penalty, so that the acquisition of funds and the required to achieve 80 million "　　The solution of the net shell "requires a certain gap at present. *st Yahua said that at present, the company has asked the local finance and securities office of Hunan Province held a debt liquidation thematic coordination, the creditor banks to comply with the previous debt restructuring agreement, and relief companies to deal with compound interest and penalty. Most creditor banks have basically confirmed the final liquidation amount, but they still need some time to fulfill the internal approval procedure. The company said that it would actively cooperate with Citic Zho Tao to confirm the amount of debt and payment, the thawing of assets and the execution process of the corresponding asset delivery in relation to the assets to be acquired, and create conditions for the implementation of the asset acquisition agreement.　　With the approval of all creditors, the company will assist Citic Zho Tao to complete debt settlement, asset delivery and other related work as soon as possible. Under the reorganization plan and the framework Agreement, when the Citic Zho Tao completes the related asset acquisition work and enables the listed company to achieve 80 million "net shell" request, the Zhejiang business group and its unanimous action person and Hangzhou Steel Group will put the related real estate assets into *st in accordance with the approval of the CSRC.