| Deutsche Bank offers to buy CAO's debt |
| Wednesday,March 09,2005 Posted: 14:26 BJT(0626 GMT) |
| BEIJING, March. 9 -- DEUTSCHE Bank AG, Europe's third-biggest bank by assets, is offering to buy some of China Aviation Oil (Singapore) Corp.’s US$530 million debt from creditors for 40 percent of the amount owed, according to an e-mail sent by the bank to a creditor.
The bank, which managed a China Aviation Oil (CAO) share sale in October, is offering an immediate cash payment, according to the e-mail March 3. Deutsche Bank’s Hong Kong-based spokesman Mike West wouldn't comment. In January, China Aviation Oil offered creditors 41.5 cents for every dollar owed, including US$100 million up front and US$120 million over eight years. China’s dominant jet fuel importer faces at least three lawsuits after racking up US$550 million in losses trading derivatives. SK Corp., Standard Bank London Ltd. and other creditors rejected China Aviation Oil’s offer, saying the amount is too low and the payment period too long. “What would you rather have, the money today or over time" said Michael Preiss, senior investment adviser at Coutts Bank (Schweiz) AG in Singapore, which isn’t owed money by China Aviation Oil. “Deutsche Bank is probably taking the view that their assets are worth more. Somewhere in their books, there might be some hidden gems." China Aviation Oil had net assets of US$137 million and net income of S$54.3 million (US$33 million) in 2003, according to its 2003 annual report. Its key assets include minority stakes in Compania Logistica de Hidrocarburos SA, a Madrid-listed fuel pipeline operator, and Shanghai Pudong International Airport Aviation Fuel Supply Corp. (Shenzhen Daily/Agencies) |
| (Source: English Site of Kuching) |
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