Tsinghua Tongfang Expects to Recover 98 Million Yuan of Debt From China Broadcasting Network

MT Newswires Live11-20

Tsinghua Tongfang (SHA:600100) expects to recover 98.2 million yuan from China Broadcasting Network as part of the latter's debt reorganization, according to a Shanghai bourse filing Thursday.

The information technology company agreed to the reorganization plan of CBN and China Broadcasting Hotspot Cloud Technology.

CBN was not able to pay its debt of 218.2 million yuan, which includes interest, to Tsinghua Tongfang due to its insolvency.

If the transaction is completed at the end of the year, Tsinghua Tongfang expects to log debt restructuring gains of 94.4 million yuan.

Tsinghua Tongfang's shares fell 2% during the midday trade.

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