Jilin Province-based Chinese company Sinosteel Engineering & Technology Co., Ltd (Sinosteel Engineering & Technology) has announced that the debt restructuring plan of its controlling shareholder state-owned Sinosteel Corporation (Sinosteel) has been approved by China’s State-Owned Assets Supervision and Administration Commission (SASAC).
The debt restructuring plan in question will help push forward the supply-side reform for Sinosteel and improve the financing environment for Sinosteel Engineering & Technology. However, the specific content of the debt restructuring plan has not been released yet.