China’s Hidili unit faces civil suit in RMB 576 million defaulted debt

By Sheri Kasprzak

New York, April 20 – Hidili Industry International Development Ltd.’s subsidiary Hidili Industry (China) Group Ltd. was hit with a civil lawsuit by a debtholder, according to a notice from the company’s board.

The suit was filed by China Merchants Bank, Shenzhen Chegongmiao Branch, and the bank is seeking relief for outstanding principal and defaulted interest totaling RMB 576 million as of Jan. 20, 2016, under a security agreement the two entities entered into on Jan. 13, 2013.

“The company is seeking legal advice in respect of the above matter,” the statement said.

Based in Panzhihua, China, Hidili is a coal and coke company.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.