Guangdong Enterprises (Holdings) (GDE) is expected to unveil today the latest progress towards a long-awaited resolution of its US$5.59 billion debt restructuring. However, bankers cautioned against hopes that a detailed agreement with creditors would be announced, saying that key issues remained to be resolved. Guangdong executive vice-governor Wang Qishan would instead present the framework and general principles of the restructuring plan, sources said. Negotiations over GDE's restructuring have been bogged down since July 1, when the Guangdong provincial government stopped making interest payments to creditor banks. Today's announcement signals a renewed determination to settle the GDE issue and close one of the most uncomfortable chapter's in the mainland's recent financial history. GDE, the commercial arm of the Guangdong provincial government, first disclosed the extent of its difficulties in January. Coming hard on the heels of the collapse of Guangdong International Trust and Investment, the case helped sour relations with foreign lenders and contributed to a credit squeeze for mainland firms. The latest developments are a further sign that Beijing is stepping up attempts to push through the restructuring of debt-plagued investment arms of local authorities and government ministries after a months-long stalemate. On Tuesday, Dalian International Trust and Investment announced a plan to restructure its 1.98 billion yuan (about HK$1.84 billion) in liabilities. This follows the recent completion of debt restructuring by the Guangdong provincial government's Macau investment arm Nam Yue (Group), and Fotic, which has close links to the Ministry of Foreign Trade and Economic Co-operation. Bankers said that, despite the complexities, it was the intention of both GDE and creditors to settle the debt restructuring as soon as possible. 'Even among the [creditors'] steering committee, no single bank has accepted the proposal of the others entirely,' one banker said yesterday, pointing to the difficulty in getting 100-plus creditor bankers to agree. The most contentious issue was the size of the haircut - or cut in loan principal - creditors would have to accept, bankers said. Under an initial restructuring plan announced on May 25, creditor banks of GDE would have taken a haircut of between 27 and 65 per cent, while those of GDE subsidiary Guangnan (Holdings) faced a cut of 54 per cent. GDE group member Guangdong Investment (GDI) would also unveil details of its debt restructuring plan today, said Meocre Li Kwok-wing, chief executive of Icea, the financial adviser on the restructuring. He did not elaborate. GDI managing director Herbert Hui Ho-ming confirmed the board had discussed the issue yesterday, but refused to give details. Speculation over an imminent agreement lifted GDI's shares 13 cents to $1.56 yesterday, off a high of $1.60. The share was heavily traded with 82.78 million shares changing hands. The counter has risen 21.8 per cent in the past three days.