Debt restructuring in the People's Republic of China

Ted Osborn and Brian Cheung of PricewaterhouseCoopers'' corporate finance recovery services group discuss the nuances of debt restructurings on the Mainland.

Introduction

Western-style debt restructurings are a relatively new phenomenon in the People's Republic of China PRC. Prior to 1998, given the unique business and financing practices in the PRC, few, if any PRC entities were ever officially in financial difficulty. While there had been efforts to restructure certain debt ridden State-Owned Enterprises in the past, such offerings were largely different from what would be considered restructurings in the west and generally did not address the entities' fundamental...

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