Guangdong Enterprises (Holdings) (GDE) expects to finalise a deal with more than 120 creditor banks this summer in what will be the latest chapter in its struggle to restructure US$5.95 billion worth of liabilities. Analysts see GDE's plan as a showcase by Beijing to restructure the scores of troubled investment companies and financial institutions after last year's collapse of Guangdong International Trust and Investment Corp. GDE chairman Wu Jiesi, speaking after Guangdong Investment's (GDI) shareholders meeting yesterday, said: 'We have reached a consensus with our creditors on the major terms of the restructuring plan, and are hammering out final details.' Mr Wu is also chairman of GDI - the locally listed flagship of GDE, the commercial arm of the Guangdong provincial government. The latest development with the GDE's debt-restructuring plan comes three weeks after the company announced a radical management and business overhaul to consolidate its operations. Mr Wu said the final debt-restructuring document would be sent to all creditor banks of GDE and its member companies - including GDI and food-related company Guangnan Holdings - for their approval. He refused to give further details, but sources said the document was expected in one to two weeks with an agreement between creditor banks and the company drawn up by July. GDE's restructuring plan has come as a troubled mainland investment trust company - Hainan International Trust & Investment Corp (Hitic) - failed to make payment on 14.5 billion yen (about HK$1.07 billion) Samurai bonds issued in 1994. While Hitic is one of the biggest investors in Hainan province, analysts believe that it is unlikely that the recent missed payment will deal a severe blow to investors' appetites for the mainland's forthcoming debt and equity share issues. Meanwhile, GDI managing director Li Wenyue said the company was implementing a series of management and asset restructuring. GDI has trimmed about 30 per cent of its staff which would allow the company to save about HK$30 million to HK$40 million in operating expenses, said Mr Wu. It has also imposed stringent internal controls and incentives to beef up the company's management efficiency and transparency.