CHINA: Zhengzhou Baiwen Warns Of Heavy Loss For First Half
Retailer, Zhengzhou Baiwen, is forecasting a heavy loss for the first half of 2001. The retailer is among five companies in Shanghai which have warned of first-half losses. Zhengzhou Baiwen has posted a loss for the last three years and a controversial bail-out plan is in place. Under the plan, which was supposed to be wrapped up by June 30 but had the deadline extended, state-owned retailer Sanlian Group would inject 400m yuan in fixed assets into Zhengzhou and take over 1.5bn yuan in debt.
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