Chinas debt-laden Huishan Dairy said its debt restructuring advisor has proposed grouping the businesses of the company and selected assets of its chairman Yang Ka and his own ventures together to form a new entity held by some of its creditors, shareholders and management.
It is the first time that Chinas largest dairy farm operator has laid out plans to ease its debt nightmare as it struggles to meet payments to scores of creditors amid a drastic cash crunch. Its shares have been suspended from trading since March 24, the day it raised eyebrows among investors after slumping a record 86 per cent within just 90 minutes.
The embattled company has yet to find a white knight and no consensus has been reached among a sufficient …
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