Financial Wire

Beijing Oriental Yuhong Waterproof Approves Debt Restructuring Plan

-- Beijing Oriental Yuhong Waterproof Technology's (SHE:002271) said its board of directors approved the proposal for debt restructuring, according to a Friday disclosure on the Shenzhen bourse.

Under the plan, 352.4 million yuan is the amount for debt restructuring as creditor and 129.4 million yuan is for debt restructuring as debtor.

The company will accept real estate assets to offset receivables and it will use assets to repay its debt.

The company's creditors include China Vanke's (HKG:2202, SHE:000002) subsidiaries.

The waterproofing system provider's shares slipped over 1% during the midday trade.

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