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Jilin Jien Nickel's overdue debts double to 3.73B yuan

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Jilin Jien Nickel's overdue debts double to 3.73B yuan

Jilin Jien Nickel Industry Co. Ltd. said Oct. 11 that its overdue debts amounted to 3.73 billion Chinese yuan as of Oct. 10, more than doubling from the 1.63 billion yuan recorded as of Sept. 22.

Unpaid accrued interest stood at 302 million yuan as of Oct. 10, slightly lower than the 311 million yuan posted as of Sept. 22.

The company said it failed to raise funds to complete a loan replacement plan during the period, which resulted in the increase in overdue debts.

Jilin Jien Nickel said it is continuing talks with various parties to reach a debt reconciliation plan.

As of Oct.10, US$1 was equivalent to 6.71 Chinese yuan.