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Jilin Jien Nickel sitting on 1.63B yuan in overdue debt

Jilin Jien Nickel Industry Co. Ltd. said Sept. 24 that its overdue debts totaled 1.63 billion Chinese yuan, with unpaid accrued interest of 311 million yuan, as of Sept. 22.

These debts included loans, banker's acceptances and letters of credit, according to the company.

The company accumulated 1.23 billion yuan overdue debts as of April 28, of which only 192 million was repaid between then and Sept. 22. A total of 589 million yuan in new overdue debts was added to the company's balance sheet during the period.

Operations have been seriously affected by the economic downturn and tightening liquidity, the company said.

Jilin Jien Nickel has been negotiating with various parties on a debt reconciliation plan but warned that a default will result in higher finance costs and will affect earnings.

As of Sept. 23, US$1 was equivalent to 6.67 Chinese yuan.