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J&T, CITIC come to agreement regarding CEFC's €450M unpaid debt

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J&T, CITIC come to agreement regarding CEFC's €450M unpaid debt

A CITIC Group Corp. subsidiary agreed to buy the €450 million debt owed by the European unit of CEFC China Energy Co. Ltd. to Czech Republic-based J&T Finance Group SE, confirming an earlier report.

Aside from Rainbow Wisdom buying all of J&T's receivables as part of a strategic cooperation agreement, the interim crisis management team appointed by J&T at the European unit will be recalled.

Rainbow Wisdom will own a 9.9% stake in J&T and hold perpetuity bonds in the company, once all follow-up transactions are completed, according to a release.

In addition, representatives from both parties agreed to further plan cooperation and investment in joint projects, subject to regulatory approval, which will be jump-started by the reciprocal nomination of J&T and CITIC representatives to the governing bodies of J&T and CEFC Europe.