China Huishan Dairy, the Hong Kong-listed company whose share price took a sudden 90 per cent dive in March, said it has appointed a debt restructuring adviser.
Company chairman Yang Kai said Huishan has engaged Shenzhen Fuhai Yintao Asset Management to advise on “possible debt restructuring involving the Group and companies owned by Mr Yang as a whole,” according to a filing made to the Hong Kong stock exchange.
The company’s shares have been suspended since the sudden plunge in March, shortly after which the company said it was late on loan payments, that its treasurer could not be contacted and that controlling shareholder Mr Yang had pledged 71 per cent of the company’s shares as collateral for loans.
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