Date: 2013-07-31

Xibei Bearing Stock Company Enjoy 14.36m Debt Reduction

Xibei Bearing Stock Company Enjoy 14.36m Debt Reduction

Feb. 8, Xibei Bearing Stock Co.,Ltd announced that they have repaid 15 million yuan to China Cinda Asset Management Corporation Yinchuan Branch according to the Debt Restructuring Contract signed by the two sides on Dec. 28 last year. Thus, Xibei Bearing Stock company can enjoy a debt reduction of 14.36 million yuan as stipulated in the contract.

Following is the major content of the contract:

Both parties agreed to set Sep. 20, 2006 as the date for calculating their debt and the identified debt was turned out to be worth 29.36 million yuan, including interest of 4.46 million yuan. And if the debtor could repay 15 million yuan before the deadline, the creditor would like to disclaim 14.36 million yuan of the debt.

The 14.36 million yuan will be writen in the nonoperating income of Xibei Bearing's fiscal report in first quarter 2007.

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