Debt-ridden Guangdong Enterprises Holdings (GDE) has completed its two-year US$5.95 billion debt-restructuring plan.
All its subsidiaries, including financial arm Nam Yue (Group), supermarket unit Guangnan (Holdings) and property investment arm Guangdong Investments (GDI), received approvals and completed the debt-restructuring plan from their creditors and shareholders last week, the group said.
Red chip GDI also said it had completed its own US$1.1 billion plan.
GDE is the investment window company of the Guangdong provincial government, while GDI is the Hong Kong-listed flagship of the troubled parent.
Under the debt-restructuring plan, GDI has acquired 81 per cent in Dongshen Water Supply, the sole water supplier to Hong Kong.
In a bid to maximise the recovery value of the creditors and the provincial government, GDE's existing assets were reorganised into a group of companies with improved management and capital structures, the company said.
