Many firms in China's third-biggest province struggling to pay debt - S&P

Many privately held firms in Shandong, China's third-biggest province by ec...

BEIJING - Many privately held firms in Shandong, China’s third-biggest province by economic output, are struggling to repay short-term debt due to declining industry fundamentals, entangled cross guarantees and ill-managed investments, S&P Global Ratings said.

“The Shandong economy is skewed toward gritty smoke-stack industries where companies are typically highly leveraged,” said Chang Li, China country specialist for S&P Global Ratings. Reuters reported in February, citing court rulings, that at least 28 private companies in Dongying, a hub for oil refining and heavy industry in Shandong, are seeking to restructure their debts and avoid bankruptcy, mainly due to souring loans that they guaranteed for other firms.

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