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Jilin Trust default raises specter of more in coal industry

By Xie Yu in Shanghai (China Daily) Updated: 2014-02-21 07:18

The fallout from the Jilin Trust default is spreading, and experts have warned of more default risks occurring in industries such as coal mining.

Songhuajianghao, a trust product designed by the Northeast China-based Jilin Trust and backed by a coal company called Shanxi Liansheng Energy, failed to meet redemption on Wednesday, missed payments for the fifth time and pushed its default volume to 872.7 million yuan ($143.5 million).

Jilin Trust default raises specter of more in coal industry

Jilin Trust default raises specter of more in coal industry
Trust firms' revenues at risk 

The product was issued to clients of China Construction Bank, China's second-largest lender, and raised 972.7 million yuan in six issuances starting in 2011.

Jilin Trust said the default was caused by Liansheng Energy's failure to repay the loan.

"Jilin Trust is making full efforts to sort out the issue. Company executives have been visiting Shanxi many times. Commissioners are discussing with Liansheng Energy, CCB and other parties in Shanxi about repayment plans, to ensure investors' interests. Restructuring of Liansheng is underway," the company said in an e-mail to China Daily on Thursday.

According to a news conference held by a local court in Liulin county, North China's Shanxi province, where Liansheng Energy is based, the group is suffering from an outstanding debt of 30 billion yuan and is struggling to meet its liabilities.

The 21st Century Business Herald said on Monday that China Development Bank, also the biggest creditor of Liansheng Energy, is leading a restructuring of the company.

The plan would give Liansheng six years to restructure, and priority would be placed on paying off the trust products as they mature.

Liansheng Energy was not available to confirm the report on Thursday.

Earlier reports said that six trust companies, including Jilin Trust, had together lent 5 billion yuan to Liansheng.

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