26
Nov
02:03
Bank covers China's Tewoo debt payment
The Industrial and Commercial Bank of China (ICBC) sent a report to the Singapore Futures Exchange (SGX) about northern China's Tianjin Material & Equipment Group (Tewoo) on 20 November. ICBC says that it has transferred $7.875 million to assist Tewoo to pay back debts, Kallanish notes.
Reports suggest that ICBC has prepared a stand-by letter of credit (SBLC) to Tewoo to allow it to cover the interest on bonds worth CNY 500 million. T…
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