China's Ping An and state duo to form consortium for Founder restructuring
- Ping An joined the consortium to be involved in the medical and healthcare ecosystem and build future growth engines, it said.
- The restructuring plan is subject to change and needs final approval from the court and the creditor committee, it added.
BEIJING: China's Ping An Insurance Group and two other state-owned companies based in Shenzhen will form a consortium to participate in the debt restructuring of troubled technology conglomerate Peking University Founder Group Corp (PUFG), exchange filings showed.
The two other companies are Zhuhai Huafa Group Co, one of the largest government-related conglomerates locally, and Shenzhen Special Economic Zone Development Group Co, a financing arm backed by Shenzhen municipal government, according to a statement made by Ping An to the Hong Kong stock exchange on Friday.
Ping An joined the consortium to be involved in the medical and healthcare ecosystem and build future growth engines, it said.
The restructuring plan is subject to change and needs final approval from the court and the creditor committee, it added.
State-owned Peking Founder in February confirmed that its failure to repay an onshore bond had led to a cross-default on $3 billion of offshore bonds.
It's restructuring has been watched closely by bond investors and ratings agencies, with potential knock-on effects for bond pricing for Chinese companies.