Hidili Industry hires RSM Corporate Advisory as restructuring adviser

By Sheri Kasprzak

New York, April 22 – Hidili Industry International Development Ltd. hired RSM Corporate Advisory as a restructuring adviser, according to a statement from the company’s board.

The appointment is part of the company’s plan to restructure its $400 million 8 5/8% senior notes due 2015.

RSM will review and analyze the operations and finances of Hidili and its subsidiaries, including business operations, assets, liabilities and cash flow, as well as assist the company in developing and implementing its debt restructuring proposal. This restructuring plan may include identifying potential new capital and/or investors and other fundraising options.

In other news related to the company’s restructuring efforts, Hidili reported it is in the process of settling fees owed to Borrelli Walsh Ltd., an independent financial adviser to the steering committee. Fee agreements with Borrelli Walsh have lapsed and have not been renewed. This, however, does not affect the steering committee’s right to appoint any independent financial adviser, according to the company’s statement.

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

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