Following the detainment of Asiaworld International Group' (
In a press conference held yesterday morning, Chen Shi-lian (
"The group is sincere about paying back its debt. Currently we are negotiating with the banks on the schedule for paying back the interest, and the banks have responded positively," Chen said.
One option out may involve selling off property.
"In order to pay back the debt, the group currently intends to sell some property in Kaohsiung and in Hsintien," Chen said.
Roxas was released late Wednesday, after the company executives paid NT$3.5 million bond.
Assets owned by the Asia-world Group are valued at some NT$100 billion. The total outstanding debt of the group is now NT$25 billion.
"On average, the group has to pay NT$150 million to NT$250 million a month in bank interest. It has become a heavy burden for the group," Chen said. "If the interest problem can't be resolved, it's unlikely that the group will be able to pay back its debt."
The group is negotiating with some 30 banks to lower the interest payments. Some of the banks have already agreed with the proposal, Chen said.
As for suggestion by some banks that the group's collateral is auctioned off, Chen said, "If the company went down, it would not provide much benefit to the banks. We wish the banks could understand our position."
Asiaworld also said it plans to release all of its holdings in its financially troubled Asia Trust and Investment (
According to local Chinese-language midia reports, three local financial institutions are interested in acquiring Asia Trust in the hope that the company could eventually be turned into an industrial bank, the sources said. New financial regulations recently passed by lawmakers would allow such a move.
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