China stainless steel mogul fights to avoid a second collapse
A debt crisis is threatening the future of one of the world’s top stainless steel producers, Jiangsu Delong Nickel Industry.
BHP Billiton has turned down a AUD 50 million offer from a consortium of investors for a collapsed resort project at Port Hedland. BHP’s move is expected to lead to the liquidation of the development.
BHP’s receiving party for the offer, Ernst & Young, told the consortium that BHP would not approve a condition of the deal to rent hundreds of rooms for its employees at The Landing resort.
The consortium submitted the offer through special purpose vehicle Empire Hotels and Resorts (WA). The investors proposed to complete and operate the The Landing for a total of approximately AUD 82 million.
BHP declined to comment on the matter.
Source (English): The West Australian via BrightWire News.
