Electricity, Coal, Oil, Gas, Nuclear, Solar, Wind, Unconventional Fuels and Pollution in China
Thursday, August 15, 2013
Guangdong Coal Co Closes w/ 9Bn Rmb in unpaid loans
Guangdong Coal Company Suspends Operations on Bad Debts - Caixin | Lanyue Energy Development sees massive loan burden exceed 9 billion yuan. A large private coal company in Guangdong Province has suspended operations with at least 9 billion yuan in unpaid loans owed to local banks. Bankers from the branches of China Construction Bank, Bank of China and several smaller banks said they had been forced to classify loans to Lanyue Energy Development Co. Ltd. as non-performing. The loans total more than 9 billion yuan. The company deals primarily with coal mining companies in Shanxi Province and the Inner Mongolia Autonomous Region. It also imports coal from Vietnam, Australia and Indonesia. Its clients range from power plants and papermaking mills to cement producers and steel manufacturing companies, most of which are in the Pearl River Delta, a major economic hub in southern Guangdong. By Tian Lin