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Thursday, October 9, 2008

Ferro china fails to pay loans

Ferrochina fails to pay loans

9 oct 1636 HRS (+8 GMT)

SINGAPORE - Singapore-listed FerroChina said on Thursday it was unable to repay some of its working capital loans worth about 706 million yuan (US$104 million).

The steelmaker also said it has 2.03 billon yuan worth of loan facilities and notes that may become due and payable.

'The company is currently in active negotiations with its financial lenders,' the statement said.

'There is however no assurance that such negotiations or discussions will be successful, in which event, the group will not have sufficient cash to satisfy its financial obligations,' the firm said.

The firm has temporarily stopped its manufacturing operations in Jiangsu, China.

Shares in FerroChina will remain suspended until further notice, the firm added. -- REUTERS
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