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PAGE TWO XEGR3994 RESTR
OBTAIN CASH INJECTION IN AMOUNT OF SOME US DOLLARS 200 MILLION FROM
PARIBAS AND MERRIL LYNCH AND NEW MANAGEMENT SUPPLIED BY PARIBAS.
GOVT CLEARLY SUPPORTED THIS REFINANCING WHICH UNDERLINED ITS
DETERMINATION TO AVOID BANK FAILURES AT THIS STAGE.
3.AFTER A YEARS MORATORIUM ON CARRIAN LOANS,GROUP AS EFFECTIVELY
COLLAPSED UNDER APPARENT DEBTS OF MORE THAN DOLLARS US 1.2 BILLION.
LIQUIDATORS HAVE BEEN NAMED FOR CARRIAN HOLDINGS LTD, FOR CARRIAN
INVESTMENTS, AND FOR CHINA UNDERWRITERS LIFE AND GENERAL INSURANCE,
A CARRIAN INVESTMENT SUBSIDIARY. HOWEVER ITS SHIPPING SUBSIDIARY,
GRAND MARINE HOLDINGS, HAS REACHED AGREEMENT IN PRINCIPLE WITH
CREDITORS BY SELLING OFF 20 VESSELS AMOUNTING TO 35 PER CENT OF ITS
FLEET PLUS ITS SHIPPING INSURANCE INTERESTS.REST OF CARRIAN EMPIRE
APPEARS BEYOND REDEMPTION AS A VIABLE BUSINESS ENTITY. WHAT IS NOT/NOT
YET CLEAR IS HOW MUCH ITS DEMISE WILL HURT THE MANY FINANCIAL
INSTITUATIONS THATE ARE THOUGHT TO HAVE HAD SOME PIECE OF CARRIAN
ACTION.CARRIAN CHAIRMAN TAN HAS BEEN RELEASED ON A HUGE BAIL
RUMOURED TO BE IN ORDER OF HKONG DOLLARS 50 MILLION.
4.FOR ITS PART HKONG LAND ANNOUNCED AN UNPRECEDENTED NET LOSS OF
HKONG DOLLARS 107 MILLION FOR FIRST HALF OF YEAR AND SISTER COMPANY
JARDINES SUFFERED A 66 PER CENT FALL IN EARNINGS FOR SAME PERIOD.
JARDINE CHAIRMAN NEWBIGGING ABRUPTLY RESIGNED EIGHT MONTHS AHEAD
OF SCHEDULE.SINCE THEN JARDINES HAS REACHED CONDITIONAL AGREEMENT
WITH TRAFALGAR HOUSE TO SELL BRIT CONGOLOMERATE 50 PER CENT INTEREST.
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