China Copper Giant Xiangguang’s Creditors Stop Loan Renewals
- The Chinese firm had liabilities of $1.7 billion as of Sept.
- Local government lobbying banks to extend debt maturities
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Creditors to Yanggu Xiangguang Copper Co., one of China’s biggest copper smelters, have stopped providing more loans over concerns about its ability to repay, according to people familiar with the matter.
The lenders of Xiangguang include Chinese and foreign banks, said the people, who asked not to be named as the information is private. The creditors are in discussions with Xiangguang on solutions, the people said.