Creditors of insolvent Guangdong Enterprises (Holdings) (GDE) have indicated they are pleased with the asset-value structure of the company's latest debt-restructuring plan.
However, bankers at yesterday's creditors' meeting complained about receiving insufficient details about Dongshen Water Supply, a GDE asset.
'The good thing is the package of instruments was valued at the market price,' one banker said.
'But the bad thing is we were not given many details about Dongshen Water, which makes it difficult to assess the proposal,' he said.
About 120 creditor banks attended the meeting organised by the steering committee appointed to represent them.
During the meeting, bankers were given details of the US$5.59 billion restructuring proposal.
Under the plan, the liabilities of GDE, Nam Yue and Guangnan (Holdings) would be restructured so creditors received a package of new debt, cash and equity, such as the 19 per cent interest in the water project.