China’s Hidili to form monitoring team amid restructuring talks

By Caroline Salls

Pittsburgh, Nov. 30 – Hidili Industry International Development Ltd.’s board of directors agreed to form a monitoring team in connection with ongoing restructuring negotiations with an onshore creditors committee, according to a news release.

The company said the board approved formation of the team to ensure the completeness of the assets and the stability of Hidili’s production team to facilitate and expedite the negotiation of a restructuring proposal, including the approval of the restructuring of existing facilities with onshore lending banks.

The team will be comprised of four individuals proposed by the creditors committee and appointed by Liupanshui Hidili Industry Co. Ltd. and Panzhihua Hidili Coal Industry Co. Ltd. for a term beginning on Dec. 1 and ending on Nov. 30, 2017.

According to the release, the team will monitor the mine production, mining operations, mine development, sales of coal products and finance of the company’s mining region in Sichuan and Guizhou provinces.

The team will report to the committee on a monthly basis but will not participate in Hidili’s daily production operations and decision making.

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

© 2015 Prospect News.
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