Copyright 2000 AFX News Limited
AFX - Asia
June
9, 2000 Friday
SECTION:
COMPANY NEWS
LENGTH:
176 words
HEADLINE:
Guangdong Enterprises expects to complete
restructuring
by August
DATELINE:
HONG KONG
BODY:
Guangdong Enterprises (Holdings) Ltd is expected to complete its
restructuring
by August, the South China Morning Post reported.
Chairman Wu Jiesi was cited by the report as saying the group has completed "top-tier internal
restructuring
plans."
Wu added: "We never intended to be irresponsible or try to walk away from our debt obligations."
Wu said the Guangdong provincial government wants GDE to be revamped into an entity which fully complies with international management standards.
GDE has mapped out its plan to consolidate its 499 units into 34 units to streamline operations, focusing on infrastructure, utilities and high tech areas, Wu said.
The
Hong Kong
Economic Journal cited market sources as saying the group is scheduled to sign a debt restructuring agreement with creditor banks in July, but Wu declined to comment on the report.
However, Wu said there has been progress in restructuring negotiations with banks.