Beijing Jianlong’s rescue of bankrupt Xilin Steel approved

A restructuring plan for bankrupt steelmaker Xilin Iron & Steel Group, the largest steel enterprise in Northeast China’s Heilongjiang province, was recently approved by its creditors, Xilin Steel officials confirmed on December 27.

The program, approved on December 24, will see Beijing Jianlong Heavy Industry Group pay over Yuan 7 billion ($1 billion) to help reduce Xilin Steel’s debts, according to a source close to Xilin Steel. Beijing Jianlong is a steel conglomerate headquartered in Beijing with two steel works in Heilongjiang,