CHINA: China Sanlian Has Misgivings Over Baiwen Plan
Two days before shareholders of Zhengzhou Baiwen Co vote on the company's assets restructuring plan, China's Sanlian Group, the rescuer, has expressed misgivings about its involvement in the bailout plan. Late last year, diversified concern Sanlian Group announced a restructuring deal that aims to rescue Zhengzhou Baiwen from imminent bankruptcy, and eventual delisting from the Shanghai Stock Exchange. Zhengzhou Baiwen is a test case for China's developing stock market, as it challenged the unstated government policy of keeping all listed companies afloat, despite their dismal performance.
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