Chinese battery giant Contemporary Amperex Technology has won approval for its CNY 6.4 billion (USD 945 million) debt restructuring plan in the bankruptcy of a lithium mining company it is trying to buy. A court in Sichuan province cleared CATL’s plan for Sinuowei Mining Development, clearing the last obstacle for the battery giant to gain control of the mining company. Sinuowei owns the license to build a mine in Sichuan to tap into a reserve of 24.9 million tonnes of lithium ore.Under the debt restructuring plan, CATL will provide 1.64 billion yuan to repay Sinuowei Mining’s bankruptcy fees and debts and 4.8 billion yuan to Sinuowei investors in exchange for the company’s entire equity.
Chinese battery giant Contemporary Amperex Technology has won approval for its CNY 6.4 billion (USD 945 million) debt restructuring plan in the bankruptcy of a lithium mining company it is trying to buy. A court in Sichuan province cleared CATL’s plan for Sinuowei Mining Development, clearing the last obstacle for the battery giant to gain control of the mining company. Sinuowei owns the license to build a mine in Sichuan to tap into a reserve of 24.9 million tonnes of lithium ore.Under the debt restructuring plan, CATL will provide 1.64 billion yuan to repay Sinuowei Mining’s bankruptcy fees and debts and 4.8 billion yuan to Sinuowei investors in exchange for the company’s entire equity.
