FerroChina falls as crisis strikes at heart of loans

More Asian borrowers buckled under the weight of their loans this week, sparking fresh concern among bankers about rising corporate default rates in the region.

  • 10 Oct 2008

Singapore-listed steelmaker FerroChina admitted it was unable to repay Rmb700m ($102m) of loans and said it was suspending operations at its Chinese plant. It said it was seeking new funding but warned that it may not be successful given the poor capital market conditions.

Hong Kong garment manufacturer ...

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