J&T tough on CEFC

Creditor J&T Private Investments had taken over shareholder rights and installed crisis management at CEFC Europe, the Czech-based part of troubled Chinese conglomerate CEFC China Energy. The step is meant to prevent the sell-off of assets that serve as collateral for J&T’s loans. J&T said its move came after CEFC Europe had not paid back its debt on time. CEFC condemned the move and said it is ready to repay all its dues. Recently, a state-owned Chinese firm, Citic, acquired a 50% stake in CEFC Europe and pledged to repay €450m to J&T. The money has not materialized as yet.

(idnes.cz)