LBG Restructuring Comes New Contender

Resource from: cbcc-yinx Likes:2922

Aug 17,2006

LBG Restructuring Comes New Contender From August 10 to 11, Luoyang Bearing Group(LBG) officials had talks about their restructuring with China Development Bank(CDB) in Beijing. In fact, CDB had contacted LBG in late July for what they called a loan problem against LBG. However, the CDB official added:"loan may not be the only reason for our contact." Besides, they consulted CBIA on details of LBG including the whole matter of Schaeffler acquisition, LBG and CBIA's attitudes toward the restructuring. When it comes to the talks with CDB in Beijing, LBG official said that the talk was pomoted by CBIA and themes of the talk are to revitalize national industry and promote industrial development. In past, CDB had succeeded in reviving Xian Electricity Machine Manufacturing Co.,Ltd(XEMM) through financing Xian Electricity Group Finance Co.,Ltd, which is responsible for XEMM's finance. Likewise, CDB have helped several state-run enterprises, like Qiqihar Machine Tool No.1 and No.2 Factories, Jinan Machine Tool Group No.2 Factory, Wuhan Heavy-duty Machine Tool Group etc. Having cooperated with many machine tool enterprises, CDB has become familiar with SINOMACH, a contracting company closely linked with almost all Chinese machinery enterprises, also another contender in LBG restructuring. This facilitate CDB's involvment in the restructuring case. Visit SINOMACH's website China Development Bank(CDB)

(cbcc-yinx)

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