Singapore-listed FerroChina says faces $658 mln claims - Singapore Stocks - Learn & Discuss Good Stocks Tips & Analysis!

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29-10-2008, 08:58 PM

kohstersg

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Singapore-listed FerroChina says faces $658 mln claims

Singapore-listed steelmaker FerroChina said on Wednesday it is facing 4.5 billion yuan ($658 million) worth of claims from lenders and suppliers, and warned a majority of creditors are seeking to freeze its assets.

The company said in a statement it is in talks with major creditors to restructure its debt.

The announcement came more than two weeks after the small China-based steel producer said it was unable to pay loans because of financial and economic difficulties.

In the latest statement, FerroChina said majority of creditors had obtained court orders to preserve and freeze some of its assets such as plants, machineries, inventory and bank accounts.

On Oct. 9, the company said it was unable to pay around $104 million in working capital loans and warned more loans could become due amid its financial troubles.

FerroChina's shares have been halted from trading since Oct. 7, having fallen by more than two-thirds so far this year.

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