China Resources: Court appoints Tian Tai as Zhunxing’s administrator

By Marisa Wong

Los Angeles, Aug. 29 – China Resources and Transportation Group Ltd. issued an update on its debt restructuring on Monday.

The Intermediate People’s Court of Ulanqab Inner Mongolia Autonomous Region issued a written decision on Aug. 25 that Beijing Tian Tai Law Firm has been appointed as the administrator and S&P Law Firm as alternative administrator for the restructuring of Inner Mongolia Zhunxing Heavy Haul Expressway Co. Ltd.

On May 10, the court had decided that Zhunxing is an entity suitable for restructuring and thus accepted the winding up and restructuring application of Zhunxing by China Development Bank for the bank to restructure Zhunxing.

Should Tian Tai decline the appointment as administrator with reasonable cause, S&P will act as the administrator, according to Monday’s notice.

China Resources is a Wan Chai, Hong Kong, transportation investment and operation company.

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